ORA-22922: nonexistent LOB value
Cause : The LOB value associated with the input locator does not exist. The information in the locator does not refer to an existing LOB.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Repopulate the locator by issuing a select statement and retry the operation.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.