THE trial of Halima Buba, Managing Director of SunTrust Bank, and the bank’s Executive Director, Innocent Mbagwu, accused of laundering $12m, began on Thursday, before Justice Emeka Nwite of the Federal High Court in Abuja.
An Economic and Financial Crimes Commission witness told the court how the two top bank executives allegedly facilitated a cash-for-transfer foreign exchange swap totalling $12m for a businesswoman, Aisha Achimugu, within just 10 days without channelling the funds through the formal banking system.
The EFCC had, on June 13, 2025, arraigned Buba and Mbagwu on a six-count charge bordering on money laundering in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendants, however, pleaded not guilty and were each granted bail in the sum of N100m, with one surety in like sum.
At the resumed hearing on Thursday, the prosecution called its first witness, Mr. Suleman Chiroma, a businessman and former Bureau de Change operator, who gave a detailed account of the transactions and tendered a bundle of documents in support of his testimony.
Led in evidence by the EFCC’s counsel, Mr. Ekene Iheanacho (SAN), Chiroma narrated how the alleged transactions began on March 10, 2025, following a call from Aisha Achimugu.
“She told me she had some forex transactions to carry out with the bank.
“I immediately called the first defendant, Halima Buba, who confirmed she was aware of the deal,” Chiroma said.
According to the witness, a man named Iliya subsequently called to inform him he was at SunTrust Bank’s Abuja branch for a $1m cash payment, intended as a swap for a transfer into Achimugu’s company, Oceangate Energy Oil & Gas, domiciled in Zenith Bank.
“I then contacted my friend Hassan Dankali of Ashrap Ltd, who sent Tijjani Adamu for the collection of the cash payment,” he said.
Chiroma further testified that another $1m was collected the same day by a man named Abdulkadir Mohammed, while $2 million in cash was picked up by someone he identified as Kabiru, all from the Abuja branch of the bank.
He told the court that the entire $12m was released in tranches between March 10 and March 20, 2025, with Buba coordinating the transactions in Abuja and Mbagwu overseeing those that occurred in Lagos.
“In all the transactions, I made a profit of N15m,” Chiroma said.
When asked about the purpose of the transactions, the witness said, “Aisha Achimugu told me she wanted to buy an oil bloc and needed dollar inflows into the account of Oceangate Energy Oil & Gas.”
Chiroma explained that on March 13, 2025, Achimugu called again to inform him about another $1m cash payment available at the Lagos branch.
“I called the first defendant for more information, and she sent me a regular message via WhatsApp,” he said.
The witness told Justice Nwite that when he reached out to Mbagwu, the second defendant, he claimed not to be aware of the transaction.
“I sent a message to the first defendant about the second defendant’s response, and she sent me a screenshot of her chat with him,” he said.
Chiroma said, “Later, the second defendant called me and said I could send someone to collect the cash. I informed Hassan Dankali, who sent Muktar Miko to collect it.”
He told the court that they received $2m on March 13 and another $2m on March 14 from the second defendant.
A further $2m was collected on March 20, and the last tranche of $2m was picked up on March 24, 2025.
On how he met Achimugu, Chiroma said, “I got to know Aisha Achimugu sometime in 2021 through Halima Buba, who is the MD of SunTrust Bank Ltd.”
The witness said the two defendants played distinct roles in facilitating the transactions.
“The first defendant coordinated the transactions in Abuja, while the second defendant was in charge of those in Lagos,” he said.
Chiroma added that Achimugu also informed him of a separate deal.
“She said she would send someone to deliver naira cash in exchange for U.S. dollars,” he said.
Among the documents admitted as evidence was a bundle of WhatsApp messages between Chiroma and Buba, which were presented alongside a certificate of identification.
Justice Nwite admitted and marked the materials as Exhibit P1.
Although the defence lawyers, Mr. J. J. Usman, (SAN), and Mr. M. S. Ibrahim, opposed the admissibility of the exhibits, but they reserved their arguments until the final address stage.
The cumulative amount involved in the transactions in total is $12m.
Consequently, Justice Nwite adjourned further hearing in the matter to Friday, July 18, 2025.