The trial of Halima Buba, managing director of SunTrust Bank, and the {bank}’s govt director, Innocent Mbagwu, accused of $12 million cash laundering, commenced on Thursday, July 17, 2025, on the Federal High Court in Abuja.
An Economic and Financial Crimes Commission’s witness through the continuing narrated how Buba and Mbagwu facilitated a $12 million swap in 10 days for businesswoman, Aisha Achimugu, with out routing the funds via a {financial} establishment.
The EFCC had, on June 13, 2025, arraigned Halima Buba and Innocent Mbagwu earlier than Justice Emeka Nwite on a six-count cost bordering on cash laundering to the tune of $12 million United States Dollars.
According to the cost sheet offered by the EFCC, the alleged offences contravened provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. The defendants, nonetheless, pleaded not responsible and have been granted bail within the sum of N100 million every, with one surety in like sum.
At the resumed continuing within the matter on Thursday, the EFCC produced its first witness, PW-1, Mr. Suleman Chiroma, who tendered in proof a bundle of paperwork to help his testimony earlier than the court docket.
The witness additional narrated how the defendants facilitated the discharge of the $12 million at branches of the {bank} in Abuja and Lagos State, inside 10 days.
Led in proof by the prosecution counsel, Mr. Ekene Iheanacho, SAN, Mr. Chiroma, who recognized himself as a businessman that when operated a Bureau de Change, BDC, advised the court docket that the deal commenced on March 10, after he obtained a name from one Aisha Achimugu who knowledgeable him that she had some foreign exchange transactions to hold out with the {bank}.
The witness advised the court docket that he instantly known as the first defendant, Buba, who confirmed that she was conscious of the proposed transactions.
The PW-1 advised the court docket that in a while the identical day, a person named Iliya known as to inform him that he was at a department of the {bank} in Abuja for fee of $1 million in money as a swap to be paid to Achimugu via the account of an organization, 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,” the witness added.
He advised the court docket that on the identical day, one Abdulkadir Mohammed collected one other $1 million money fee from a department of the {bank} in Abuja, whereas one other $2 million was additionally obtained by a person he recognized as Kabiru.
The witness disclosed that the defendants helped to swap the $12 million money funds into the account of Achimugu’s firm, in tranches, between March 10 and March 20.
“In all the transactions, I made a profit of N15 million,” the witness added.
Asked if he knew the explanation behind the alleged illicit transactions, the witness stated: “Aisha Achimugu told me that she wanted to buy an oil bloc and would need dollar inflow into Oceangate Energy Oil & Gas account.”
He advised the court docket that whereas the first defendant facilitated the transactions that came about in Abuja, the 2nd defendant dealt with those that occurred in Lagos.
Among the reveals he tendered earlier than the court docket included printouts of WhatsApp conversations he had with the first defendant in relation to the transactions, in addition to a certificates of identification he signed.
Justice Emeka Nwite admitted and marked the proof as Exhibit P1.
According to him, that very same day, he obtained a name from the first defendant informing him that Iliya was at SunTrust Bank with the money fee. He then contacted a pal at Tripple A, who despatched Abdulkadir Mohammed to gather the $1 million money fee.
On how he got here to know Aishatu Achimugu, the witness defined: “I got to know Aishatu Achimugu sometime in 2021 through Halima Buba, who is the MD of SunTrust Bank Ltd.”
The witness admitted that Aishatu Achimugu knowledgeable him that money could be paid into SunTrust Bank’s Abuja and Lagos branches.
He additional acknowledged that on March 13, 2025, Aishatu Achimugu known as to inform him of a $1 million money fee accessible on the Lagos department of SunTrust Bank.
“I known as the first defendant for extra info, and she or he despatched me a daily message by way of WhatsApp.
“When I known as the 2nd defendant, he stated he wasn’t conscious of the transaction. I despatched a message to the first defendant concerning the 2nd defendant’s response, and she or he despatched me a screenshot of her chat with him.
“Afterward, the 2nd defendant known as me and stated I might ship somebody for the money assortment. I knowledgeable Hassan Dankali of Ashrap, who despatched Muktar Miko to gather the money.
“On March 13, 2025, we obtained a money fee of $2 million from the 2nd defendant.
“On March 14, 2025, we additionally obtained one other $2 million from the 2nd defendant for the swap.
“On March 20, I got information from Aishatu that another $2 million was available for a cash swap. I contacted Hassan of Ashrap, who sent Sani for the collection. The same thing happened on March 24, 2025 — Sani received another $2 million from the 2nd defendant for inflow into Oceangate Energy Oil & Gas,” the EFCC witness testified.
Apart from the oil bloc transactions, the witness additional revealed that Aishatu Achimugu additionally contacted him relating to one other deal:
“She said she would send someone to deliver naira cash in exchange for U.S. dollars.”
Though the defence attorneys, Mr. J. J. Usman, SAN, and Mr. M. S. Ibrahim, stated they have been against the admissibility of the reveals, they reserved their causes until the ultimate tackle stage.
The cumulative quantity allegedly laundered within the transactions is claimed to whole $12 million.
Justice Nwite adjourned additional listening to of the matter until July 18.
The publish How SunTrust Bank MD, Halima Buba ‘swapped $12m’ for Achimugu in 10 days – Witness appeared first on SocietyHerald.com.ng || …Celebrating Spcial People.
