We introduce an efficient and accurate nonlinear compensator (NLC) for digital back-propagation (DBP) of coherent optical OFDM receivers, based on a factorization procedure for the Volterra Series Transfer Function (VSTF) with 3N degrees of freedom for N frequency samples. The O(N2) nonlinear compensation complexity of generic Volterra evaluation (normalized per-subcarrier) is reduced to 28 + 6logN. Our analysis and simulations indicate that this NLC system outperforms previous VSTF-based non-linear compensation methods. Compared to a most recent VSTF-based method, the new method incurs 52% extra computational complexity in return for improved nonlinear tolerance of ~2 dB for the particular analyzed link.