The Federal High Court in Abuja, on Thursday, July 17, 2025, opened the trial of Halima Buba, Managing Director of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director, over an alleged $12 million money laundering scheme.
The Economic and Financial Crimes Commission (EFCC) arraigned the duo on June 13 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 each granted ₦100 million bail with one surety.
During Thursday’s proceedings, the EFCC presented its first witness, Mr. Suleman Chiroma, a former Bureau de Change operator, who gave detailed testimony of how the bank executives helped facilitate a $12 million cash-for-transfer deal in just 10 days for businesswoman Aisha Achimugu.
Chiroma narrated how, between March 10 and 24, 2025, large cash payments in U.S. dollars were collected in Abuja and Lagos branches of SunTrust Bank and swapped into Achimugu’s company account – Oceangate Energy Oil & Gas, domiciled in Zenith Bank.
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He said he profited ₦15 million from the series of transactions and revealed that Achimugu told him the funds were intended for purchasing an oil bloc. Chiroma also disclosed he was introduced to Achimugu in 2021 by the 1st defendant, Halima Buba.
Supporting evidence, including WhatsApp chats and other documents, were tendered by the witness and admitted by the court as Exhibit P1. Defense counsel reserved their objections for the final address stage.
Justice Emeka Nwite adjourned the case to Friday, July 18, for continued hearing.
Source: TheWitness
