The Federal High Court in Abuja on Thursday began hearing in the trial of SunTrust Bank’s Managing Director, Halima Buba, and Executive Director, Innocent Mbagwu, who are facing allegations of laundering $12million for a businesswoman, Aisha Achimugu, within a span of 10 days.
The Economic and Financial Crimes Commission (EFCC) had on June 13, 2025, arraigned Buba and Mbagwu before Justice Emeka Nwite on a six-count charge bordering on money laundering in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
However, both defendants pleaded not guilty and were granted bail in the sum of N100 million each with one surety in like sum.
Meanwhile, during Thursday’s hearing, the EFCC presented its first witness, Mr. Suleman Chiroma, who testified that he played a role in the $12 million transaction allegedly carried out at SunTrust Bank’s branches in Abuja and Lagos between March 10 and March 20.
Chiroma, a former Bureau de Change operator, told the court he was contacted by Achimugu on March 10 regarding a forex transaction.
He said he reached out to Buba, who confirmed her awareness of the transaction. Shortly after, a man named Iliya called to inform him he was at a SunTrust branch in Abuja to receive $1million in cash as part of the forex swap.
The naira equivalent, according to the witness, was to be paid into the account of Oceangate Energy Oil & Gas, a company domiciled in Zenith Bank.
According to the witness, “I then contacted my friend Hassan Dankali of Ashrap Ltd, who sent Tijjani Adamu for the collection of the cash payment.
He told the court that on the same day, a man named Abdulkadir Mohammed collected $1 million in cash from a branch of the bank in Abuja, while another $2 million was received by an individual identified as Kabiru.
The witness further revealed that the defendants facilitated the conversion of the total $12 million cash into deposits made in tranches into the account of Achimugu’s company between March 10 and March 20.
“In all the transactions, I made a profit of N15 million,” the witness added.
When asked if he knew the motive behind the alleged illicit transactions, the witness told the court: “Aisha Achimugu informed me that she was planning to purchase an oil bloc and would require dollar inflows into the Oceangate Energy Oil & Gas account.”
He explained that the first defendant coordinated the transactions carried out in Abuja, while the second defendant handled those conducted in Lagos.
As part of his testimony, the witness submitted printouts of WhatsApp conversations with the first defendant regarding the transactions, along with a certificate of identification he signed. Justice Emeka Nwite admitted the documents as Exhibit P1.
The witness further testified that on the same day, he received a call from the first defendant, who said that Iliya had arrived at SunTrust Bank with a cash payment. He then contacted a friend at Tripple A, who dispatched Abdulkadir Mohammed to collect the $1 million in cash.
When asked how he came to know Aishatu Achimugu, the witness stated: “I met Aishatu Achimugu sometime in 2021 through Halima Buba, the Managing Director of SunTrust Bank Ltd.”
He confirmed that Achimugu had informed him that cash deposits would be made at the Abuja and Lagos branches of SunTrust Bank.
He added that on March 13, 2025, she called to inform him about a $1 million cash payment that was available at the bank’s Lagos branch.
“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.
Hiwever, Justice Nwite adjourned further proceedings in the case to July 18.