A Bureau de Change (BDC) operator, D.A. Hassan, has admitted complying with the Central Bank of Nigeria (CBN) guidelines in the alleged $12 million money laundering trial involving executives of SunTrust Bank, Halima Buba and Innocent Mbagwu.
Hassan, a witness for the Economic and Financial Crimes Commission (EFCC), made this submission before Justice Emeka Nwite of the Federal High Court, Abuja.
Nairametrics previously reported on June 13, 2025, that the EFCC had arraigned Halima Buba and Innocent Mbagwu before Justice Nwite; however, the duo denied the allegations.
What They Are Saying
At the resumed cross-examination proceedings led by SunTrust MD’s lawyer, Johnson Usman, SAN, Hassan confirmed that he was the Managing Director and a signatory to Ashrab Corporate Forex BDC Limited and Ashrab Energy and Oil Services Limited.
The witness said his BDC licence was revoked by the CBN in 2024, but that he remains a member of the BDC Traders Association, Wuse Zone 4, Abuja.
He admitted that he did not state in his extrajudicial statement to the EFCC that his licence had been revoked by the CBN.
- “This company of yours has not been wound up by the Corporate Affairs Commission (CAC), meaning it is still operational?” Usman asked the witness.
- “Ashrab has not been wound up; it is still operational,” the witness responded.
The witness denied engaging in any business dealings with the bank’s Managing Director.
He confirmed knowing a BDC colleague, Suleiman Chiroma (PW1), and stated that when he sent people to collect USD from SunTrust Bank, he did not instruct them to disclose that his BDC licence had been revoked.
- Hassan, however, explained that while his BDC licence was revoked in 2024, “he reapplied in 2025 and the application is still being processed”, adding that his N500 million deposit remains with the CBN.
He also confirmed that the bank’s Managing Director was not a signatory to any of his accounts.
The BDC operator confirmed receiving a total sum of $9.947 million on the order of Suleiman Chiroma (PW1) into the account of Ashrab Energy and Oil Services Limited.
- “Part of the money was received in naira, which I converted to dollars, while $7 million was collected in cash,” he said.
According to the witness, the entire sum was transferred from Ashrab Energy and Oil Services Limited to OceanGate Engineering Oil and Gas Limited.
He stated that the decision to transfer the funds was “his personal decision” and that “he made a profit of N9.8 million from the transaction.”
The witness said “he was aware that the CBN regulates BDC operations through guidelines and maintained that, to the best of his knowledge”, he complied with those guidelines during the transaction.
He added that if he had violated the CBN guidelines, the banking system would not have allowed him to transfer the funds to the beneficiary.
The witness also denied facing any criminal trial in relation to the transaction.
Following this, the court adjourned the case to April 30 for the continuation of the trial.
Backstory
Nairametrics previously reported that Halima Buba, Managing Director of SunTrust Bank, and Innocent Mbagwu, Executive Director and Chief Compliance Officer, were arraigned on June 13 by the EFCC.
The duo pleaded not guilty to a six-count charge bordering on the alleged facilitation of high-value cash transactions without routing them through a financial institution, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Their plea cleared the way for trial.
They were also granted bail in the sum of N100 million each, with one surety apiece.
A second prosecution witness (PW-2) for the EFCC had testified that he received $3 million in cash from one Suleiman Chiroma in April 2025 and allegedly transferred the funds into the account of OceanGate Engineering Oil & Gas Ltd, owned by Mrs. Aisha Achimugu.
In a separate case, $13 million linked to OceanGate Engineering Oil & Gas Ltd was forfeited to the Federal Government by Justice Emeka Nwite, following a final forfeiture application by the EFCC.
What You Should Know
The development adds to the list of high-profile cases involving an anti-graft agency and staff of financial institutions.
The EFCC’s charges remain allegations unless proven in court.
While Nairametrics will continue to follow developments on the matter, the outcome is likely to enrich jurisprudence on what constitutes lawful financial transactions in Nigeria.
