The trial of Halima Buba, managing director of SunTrust Bank, and the bank’s executive director, Innocent Mbagwu, accused of $12 million money laundering, commenced on Thursday, July 17, 2025, at the Federal High Court in Abuja.
An Economic and Financial Crimes Commission’s witness during the proceeding narrated how Buba and Mbagwu facilitated a $12 million swap in 10 days for businesswoman, Aisha Achimugu, without routing the funds through a financial institution.
The EFCC had, on June 13, 2025, arraigned Halima Buba and Innocent Mbagwu before Justice Emeka Nwite on a six-count charge bordering on money laundering to the tune of $12 million United States Dollars.
According to the charge sheet presented by the EFCC, the alleged offences contravened provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. The defendants, however, pleaded not guilty and were granted bail in the sum of N100 million each, with one surety in like sum.
At the resumed proceeding in the matter on Thursday, the EFCC produced its first witness, PW-1, Mr. Suleman Chiroma, who tendered in evidence a bundle of documents to support his testimony before the court.
The witness further narrated how the defendants facilitated the release of the $12 million at branches of the bank in Abuja and Lagos State, within 10 days.
Led in evidence by the prosecution counsel, Mr. Ekene Iheanacho, SAN, Mr. Chiroma, who identified himself as a businessman that once operated a Bureau de Change, BDC, told the court that the deal commenced on March 10, after he got a call from one Aisha Achimugu who informed him that she had some forex transactions to carry out with the bank.
The witness told the court that he immediately called the 1st defendant, Buba, who confirmed that she was aware of the proposed transactions.
The PW-1 told the court that later on the same day, a man named Iliya called to notify him that he was at a branch of the bank in Abuja for payment of $1 million in cash as a swap to be paid to Achimugu through the account of a company, Oceangate Energy Oil & Gas, domiciled in Zenith Bank.
“I then contacted my friend Hassan Dankali of Ashrap Ltd, who sent Tijjani Adamu for the collection of the cash payment,” the witness added.
He told the court that on the same day, one Abdulkadir Mohammed collected another $1 million cash payment from a branch of the bank in Abuja, while another $2 million was also received by a man he identified as Kabiru.
The witness disclosed that the defendants helped to swap the $12 million cash payments into the account of Achimugu’s company, in tranches, between March 10 and March 20.
“In all the transactions, I made a profit of N15 million,” the witness added.
Asked if he knew the reason behind the alleged illicit transactions, the witness said: “Aisha Achimugu told me that she wanted to buy an oil bloc and would need dollar inflow into Oceangate Energy Oil & Gas account.”
He told the court that while the 1st defendant facilitated the transactions that took place in Abuja, the 2nd defendant handled the ones that occurred in Lagos.
Among the exhibits he tendered before the court included printouts of WhatsApp conversations he had with the 1st defendant in relation to the transactions, as well as a certificate of identification he signed.
Justice Emeka Nwite admitted and marked the evidence as Exhibit P1.
According to him, that same day, he received a call from the 1st defendant informing him that Iliya was at SunTrust Bank with the cash payment. He then contacted a friend at Tripple A, who sent Abdulkadir Mohammed to collect the $1 million cash payment.
On how he came to know Aishatu Achimugu, the witness explained: “I got to know Aishatu Achimugu sometime in 2021 through Halima Buba, who is the MD of SunTrust Bank Ltd.”
The witness admitted that Aishatu Achimugu informed him that cash would be paid into SunTrust Bank’s Abuja and Lagos branches.
He further stated that on March 13, 2025, Aishatu Achimugu called to notify him of a $1 million cash payment available at the Lagos branch of SunTrust Bank.
“I called the 1st defendant for more information, and she sent me a regular message via WhatsApp.
“When I called the 2nd defendant, he said he wasn’t aware of the transaction. I sent a message to the 1st defendant about the 2nd defendant’s response, and she sent me a screenshot of her chat with him.
“Afterward, the 2nd defendant called me and said I could send someone for the cash collection. I informed Hassan Dankali of Ashrap, who sent Muktar Miko to collect the cash.
“On March 13, 2025, we received a cash payment of $2 million from the 2nd defendant.
“On March 14, 2025, we also received another $2 million from the 2nd defendant for the swap.
“On March 20, I got information from Aishatu that another $2 million was available for a cash swap. I contacted Hassan of Ashrap, who sent Sani for the collection. The same thing happened on March 24, 2025 — Sani received another $2 million from the 2nd defendant for inflow into Oceangate Energy Oil & Gas,” the EFCC witness testified.
Apart from the oil bloc transactions, the witness further revealed that Aishatu Achimugu also contacted him regarding another deal:
“She said she would send someone to deliver naira cash in exchange for U.S. dollars.”
Though the defence lawyers, Mr. J. J. Usman, SAN, and Mr. M. S. Ibrahim, said they were opposed to the admissibility of the exhibits, they reserved their reasons till the final address stage.
The cumulative amount allegedly laundered in the transactions is said to total $12 million.
Justice Nwite adjourned further hearing of the matter till July 18.
Source: TheWitness
