The Federal High Court in Abuja on Thursday commenced the trial of SunTrust Bank’s Managing Director, Halima Buba, and Executive Director, Innocent Mbagwu, over allegations of laundering $12 million for businesswoman Aisha Achimugu within a span of 10 days.
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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.
Both defendants pleaded not guilty and were granted bail in the sum of ₦100 million each, with one surety in like sum.
At 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 branches in Abuja and Lagos between March 10 and March 20.
Chiroma, a former Bureau de Change operator, told the court that he was contacted by Achimugu on March 10 regarding a foreign exchange transaction. He said he then reached out to Buba, who confirmed her awareness of the transaction. Shortly after, a man named Iliya informed him that he was at a SunTrust Bank branch in Abuja to receive $1 million 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, domiciled in Zenith Bank.
“I then contacted my friend, Hassan Dankali of Ashrap Ltd, who sent Tijjani Adamu to collect the cash,” he said.
Chiroma told the court that on the same day, a man named Abdulkadir Mohammed collected another $1 million in cash from a SunTrust branch in Abuja, while an additional $2 million was received by an individual identified as Kabiru.
He further stated that the defendants facilitated the conversion of the total $12 million into deposits made in tranches into Achimugu’s company account between March 10 and March 20.
“In all the transactions, I made a profit of ₦15 million,” he said.
When asked if he knew the motive behind the alleged transactions, Chiroma 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 in Abuja, while the second defendant handled those conducted in Lagos.
As part of his testimony, Chiroma submitted printouts of WhatsApp conversations with the first defendant regarding the transactions, along with a certificate of identification he signed. Justice Nwite admitted the documents as Exhibit P1.
The witness added that on the same day, he received a call from Buba stating 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 Aisha Achimugu, the witness stated: “I met Aisha 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 SunTrust Bank branches in both Abuja and Lagos.
Chiroma said that on March 13, 2025, she called to inform him about a $1 million cash payment available at the bank’s Lagos branch.
“I called the first defendant for more information, and she sent me a WhatsApp message. When I called the second defendant, he said he wasn’t aware of the transaction. I informed the first defendant, and she sent me a screenshot of her chat with him.
“Afterward, the second 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 $2 million from the second defendant. On March 14, we received another $2 million from him for the swap.
“On March 20, I got information from Aisha that another $2 million was available for a cash swap. I contacted Hassan of Ashrap, who sent Sani for the collection. The same happened on March 24, 2025—Sani received another $2 million from the second defendant for inflow into Oceangate Energy Oil & Gas,” the EFCC witness testified.
In addition to the oil bloc transactions, Chiroma disclosed that Aisha Achimugu also approached him about a separate deal.
“She said she would send someone to deliver naira cash in exchange for U.S. dollars,” he said.
Defence counsel, Mr. J. J. Usman, SAN, and Mr. M. S. Ibrahim, objected to the admissibility of the exhibits but chose to reserve their arguments until the final address stage.
The total amount allegedly laundered in the transactions is reported to be $12 million.
Justice Nwite adjourned further proceedings in the case to July 18.
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