The Federal High Court in Abuja on Thursday commenced hearing in the trial of SunTrust Bank Managing Director, Halima Buba, and Executive Director, Innocent Mbagwu, over their alleged involvement in laundering $12 million within 10 days for businesswoman Aisha Achimugu.
The Economic and Financial Crimes Commission (EFCC) had on June 13, 2025, arraigned the two bank executives before Justice Emeka Nwite on a six-count charge bordering on money laundering in violation of the Money Laundering (Prevention and Prohibition) Act, 2022. They pleaded not guilty and were granted bail in the sum of N100 million each, with one surety in like amount.
At Thursday’s hearing, the EFCC called its first witness, Mr. Suleman Chiroma, a former Bureau de Change operator, who testified that he facilitated several foreign exchange transactions on behalf of Achimugu between March 10 and 20. He alleged that Buba and Mbagwu were aware and involved in the cash movements.
Chiroma said Achimugu initially contacted him on March 10 regarding a dollar exchange, after which Buba confirmed her knowledge of the transaction. He recounted that cash withdrawals of $1 million and $2 million were made at SunTrust Bank branches in Abuja and Lagos and paid to various individuals, including Abdulkadir Mohammed and Kabiru.
The witness stated that the naira equivalent of the funds was deposited in tranches into the Zenith Bank account of Oceangate Energy Oil & Gas, a company linked to Achimugu. He claimed he made a personal profit of N15 million from the entire operation.
Chiroma further told the court that Achimugu said she needed the funds to purchase an oil bloc. According to him, Buba oversaw the Abuja transactions, while Mbagwu handled those in Lagos.
He submitted WhatsApp chat printouts between him and Buba, along with a certificate of identification, which were admitted into evidence as Exhibit P1.
Chiroma also revealed that he met Achimugu in 2021 through Halima Buba and confirmed that she informed him about the planned cash deposits across the two SunTrust branches. He added that another $1 million cash deposit was available at the bank’s Lagos branch on March 13, 2025.
“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 $2million from the 2nd defendant.
“On March 14, 2025, we also received another $2million 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.
In addition to the oil bloc transactions, the witness further disclosed that Aishatu Achimugu also approached him about a separate deal.
“She said she would send someone to deliver naira cash in exchange for U.S. dollars.”
The defence counsel, Mr. J. J. Usman, SAN, and Mr. M. S. Ibrahim, objected to the admissibility of the exhibits, they chose to reserve their arguments until the final address stage.
The total amount allegedly laundered in the transactions is reported to be $12million.
However, Justice Nwite adjourned further proceedings in the case to July 18.
Post a Comment