The Federal High Court in Abuja on Thursday, July 17, commenced the high-profile trial of the Managing Director of SunTrust Bank, Halima Buba, and the bank’s Executive Director, Innocent Mbagwu, over their alleged involvement in a $12 million money laundering scheme.
Both bank executives were arraigned on June 13, 2025, by the Economic and Financial Crimes Commission (EFCC) on a six-count charge of money laundering, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
They pleaded not guilty and were granted bail of N100 million each, with one surety in like sum.
At Thursday’s proceeding, the EFCC opened its case by presenting its first witness, Mr Suleman Chiroma, a former Bureau de Change operator, who testified how the accused facilitated multiple illegal cash transactions totalling $12 million on behalf of businesswoman Aisha Achimugu.
According to Chiroma, the dollar-for-naira swap transactions were carried out between March 10 and March 24, 2025, at SunTrust Bank branches in Abuja and Lagos without being routed through any financial institution, in breach of regulatory requirements.
Led in evidence by EFCC counsel, and Senior Advocate of Nigeria (SAN), Ekene Iheanacho, Chiroma narrated how he became involved in the scheme following a call from Aisha Achimugu on March 10.
According to the witness, the businesswoman had informed him of her intention to conduct foreign exchange transactions with the bank.
 |
| Managing Director of SunTrust Bank, Halima Buba |
He testified that he immediately contacted Buba, the first defendant, who confirmed awareness of the transactions.
Shortly afterwards, Chiroma said he was informed that a man named Iliya was at the bank’s Abuja branch to make a $1 million cash payment for the swap, which was to be credited in naira to Achimugu’s company, Oceangate Energy Oil & Gas, via its Zenith Bank account.
Chiroma said he then contacted a friend, Hassan Dankali of Ashrap Ltd, who dispatched Tijjani Adamu to collect the cash.
He further detailed several other transactions conducted similarly: “On the same day, one Abdulkadir Mohammed collected another $1 million from the Abuja branch, while another $2 million was received by a man called Kabiru,” Chiroma said.
The witness told the court that in total, the $12 million was released in tranches over 10 days, with Buba coordinating transactions in Abuja and Mbagwu overseeing those in Lagos.
“In all the transactions, I made a profit of N15 million,” Chiroma revealed.
According to him, Achimugu disclosed the funds were intended to purchase an oil bloc, which required foreign currency inflows into Oceangate Energy Oil & Gas.
Chiroma also presented documentary evidence, including WhatsApp messages exchanged with Buba regarding the deals, which Justice Emeka Nwite admitted as Exhibit P1, along with a certificate of identification.
The EFCC witness continued: “I got to know Aisha Achimugu in 2021 through Halima Buba. She later told me that cash would be paid into SunTrust Bank’s Abuja and Lagos branches.”
Detailing transactions in Lagos, Chiroma said that on March 13, Achimugu alerted him to a $1 million cash payment available at the bank’s branch there. He reached out to Buba, who confirmed the arrangement and subsequently contacted Mbagwu.
Though Mbagwu initially claimed ignorance, Buba later sent Chiroma a screenshot of her conversation with Mbagwu, after which the executive director approved the transaction.
“On March 13, we received $2 million from the 2nd defendant. On March 14, another $2 million was collected. On March 20 and March 24, two additional tranches of $2 million each were handed over for the swap,” Chiroma told the court.
He explained that the cash swaps were conducted discreetly and outside normal banking procedures.
“Aisha also told me she wanted to send someone to deliver naira in exchange for U.S. dollars,” he added.
Despite objections from defence counsels, Mr J.J. Usman (SAN), representing Buba, and Mr M.S. Ibrahim, appearing for Mbagwu, the court admitted the documentary exhibits, with both lawyers opting to reserve their reasons for challenging admissibility until their final addresses.
The EFCC maintains that the actions of the bank executives directly contravened financial regulations aimed at curbing illicit financial flows and undermined the anti-money laundering framework in Nigeria.
Justice Nwite adjourned the matter to Friday, July 18, 2025, for the continuation of the trial.
All rights reserved. The content on this website, including text and other digital materials, may not be reproduced, published, broadcast, rewritten, or redistributed, in whole or in part, without the express written consent of The News Accelerator Network.
For advertising inquiries, news coverage, or press releases, please get in touch with us at
📧 thenewsacceleratornetwork@gmail.com
📞 0805 101 7159, 0814 404 8512.
إرسال تعليق