A witness presented by the Economic and Financial Crimes Commission (EFCC) on Thursday began testifying against the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, and the Executive Director/Chief Compliance Officer, Innocent Mbagwu, in a case involving $12 million alleged to have been laundered. The case is being heard before Justice Emeka Nwite at the Federal High Court, Abuja.
The first prosecution witness (PW1), a businessman and former Bureau De Change (BDC) operator, offered detailed testimony of foreign exchange transactions he claimed involved both defendants.
Background
Earlier in June 2025, Nairametrics reported that Halima Buba and Innocent Mbagwu were arraigned by the EFCC on a six-count charge bordering on money laundering. The charges involve high-value cash transactions allegedly conducted outside formal banking procedures — in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022.
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 total value of the cash transactions in question is reported to be $12 million. Both defendants pleaded not guilty at arraignment and were granted bail in the sum of N100 million each.
Key Testimony in Court
Led in evidence by EFCC’s counsel, E.E. Iheanacho (SAN), the witness detailed his past dealings in the Bureau De Change sector, stating that he also operated a travel agency.
He explained his role in transactions allegedly conducted between himself, SunTrust Bank executives, and a client named Aisha Achimugu 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,” he told the court.
The witness described how, on March 10, 2025, he was informed by a staff member of Achimugu that $1 million cash was available at SunTrust Bank, Abuja, for collection as part of a currency swap arrangement. The dollar equivalent, he said, was to be paid into Ocean Gate Energy Oil and Gas, a company linked to Achimugu.
“She said she wanted to buy an oil bloc and needed dollar inflow into the Ocean Gate Energy Oil and Gas account,” the witness testified.
On March 13, another $1 million cash payment was said to be made available at SunTrust Bank’s Lagos branch. According to the witness, the MD of SunTrust provided the contact of the second defendant, Mbagwu, to coordinate the transaction.
“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,” the witness added.
He further claimed:
• Muktar received $2 million in cash from the second defendant.
• Another $2 million was allegedly collected on March 14.
• An additional $2 million was handed over on March 17 for the same purpose.
The total alleged cash involved in the transactions added up to $6 million, just from this series of swaps.
All the dollar cash received, he stated, was converted and deposited into Achimugu’s company account in tranches.
When asked if he profited from the deals, the witness responded:
“Yes, I made a profit of 15 million naira in all these transactions.”
WhatsApp Evidence and Exhibit Admission
The witness also confirmed ongoing communications with the SunTrust MD through WhatsApp messages. EFCC counsel Iheanacho sought to tender printouts of those messages, accompanied by a certificate of compliance.
Although the defence teams for both Buba and Mbagwu, led by J.J. Usman (SAN) and another senior counsel, reserved objections to the admissibility of the evidence until final written addresses, Justice Nwite admitted the materials as exhibits.
The case was then adjourned to Friday, July 19, 2025, for the continuation of trial.
