A witness from the Economic and Financial Crimes Commission (EFCC) commenced his testimony on Thursday against the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, and the Executive Director/Chief Compliance Officer, Innocent Mbagwu, over alleged $12 million money laundering charges instituted by the Commission.
The witness, a former Bureau De Change operator, marked as PW1, testified before Justice Emeka Nwite.
Nairametrics previously reported on June 13, 2025, that the EFCC had arraigned both Halima Buba and Innocent Mbagwu before Justice Nwite.
The two senior bank officials are being prosecuted on a six-count charge related to money laundering to the tune of $12 million.
According to the EFCC’s charge sheet, Buba and Mbagwu allegedly aided high-value cash transactions without routing them through a financial institution, which, according to the Commission, contravenes the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Details of the Charge and Plea
One of the charges reads:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU, being the Executive Director/Chief Compliance Officer SunTrust Bank Ltd, on the 10th day of March, 2025 in Abuja, within the jurisdiction of the Honourable Court, aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution, and thereby committed an offence contrary to Section 21(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.”
The cumulative transactions allegedly laundered are said to total $12 million.
When the charges were read during previous proceedings, the defendants pleaded not guilty.
Justice Emeka Nwite eventually granted bail to each defendant in the sum of N100 million and adjourned the case for trial.
What Transpired in Court
At the resumed trial, EFCC counsel E.E. Iheanacho, SAN, led the witness (PW1) in his evidence-in-chief.
- The witness described himself as a businessman who runs a travel agency and had operated a Bureau De Change for some time.
- He testified that he was in court regarding an alleged forex transaction between himself, the bank’s MD, and Aisha Achimugu sometime in March 2025.
“Sometime in March 2025, I received a call from Aisha Achimugu saying she had some forex transactions to carry out at SunTrust Bank’s Abuja and Lagos branches. I called the first defendant (Halima), and she confirmed that she knew about the transaction,” the witness said.
- The witness continued that on March 10, 2025, he got a call from a staff member of Aisha Achimugu stating that he was at SunTrust Bank Abuja for the alleged payment of $1 million cash “as a swap” to be paid into Aisha Achimugu’s bank account, Ocean Gate Energy Oil and Gas.
- The witness noted that Aisha Achimugu allegedly told him she wanted to buy an oil bloc and needed dollar inflow into the Ocean Gate Energy Oil and Gas account.
- He confirmed to the court that the SunTrust MD told him she was aware of the cash swap transactions.
“On March 13, 2025, I also received a call from Aisha Achimugu that some cash payment was available at SunTrust Bank Lagos: $1 million in cash. I called the SunTrust MD for confirmation, and she sent me the number of the second defendant. When I called the second defendant, he said he was not aware of the transaction. I then messaged the first defendant about his response, and she sent a screenshot of their chat. The second defendant then called me and said we could proceed with the cash collection (through WhatsApp).
“I also informed Hassan D., who sent Muktar Miko to collect the cash.”
He alleged that:
- Muktar received a total payment of $2 million in cash from the second defendant.
- He also received a cash payment of $2 million for a swap on March 14 from the second defendant.
- On March 17, he received an additional $2 million in cash from the second defendant for a cash swap.
- The witness said after receiving all the cash payments, a swap was made, and inflow payments were transferred into the Ocean Gate Energy Oil and Gas bank account “in tranches.”
When asked by Iheanacho if he made any profit from these transactions, the witness replied, “Yes, I made a profit of 15 million naira in all these transactions.”
- The witness also informed the court that he was in communication with the SunTrust MD via WhatsApp.
Iheanacho then applied to tender printed copies of WhatsApp conversations between the witness and the defendants, along with a certificate of compliance, as exhibits.
- The SunTrust MD’s lawyer, J.J. Usman, SAN, reserved his objection until the final address stage, as did the lawyer for the second defendant.
- Justice Nwite subsequently admitted the exhibits in evidence.
The matter was then adjourned until Friday for continuation of the trial.
