A currency exchange operator provided startling testimony in court on Thursday, alleging that senior executives of SunTrust Bank enabled the transfer of $12 million through a coordinated series of foreign exchange transactions.
The witness, appearing in the trial of Halima Buba, the bankโs Managing Director, and Innocent Mbagwu, Chief Compliance Officer, claimed the funds were processed to benefit businesswoman Aisha Achimugu, who purportedly required the foreign currency for an oil block acquisition.
The executives face a six-count money laundering indictment brought by the Economic and Financial Crimes Commission (EFCC).
As the first prosecution witness (PW1), he testified before Justice Emeka Nwite, outlining how the defendants allegedly orchestrated high-value cash transactionsโincluding physical pickups and electronic transfersโon Achimuguโs behalf.
The witness traced a sequence of transactions beginning in March 2025, connecting the accused to irregular forex activities involving substantial cash movements through SunTrust Bankโs Abuja and Lagos branches.
According to his account, Achimugu initiated the dealings by requesting forex swaps, which he then verified with Buba before execution.
According to the witness: “On 13 March 2025, I received a call from Aisha Achimugu that $1 million was available at SunTrust Bank. I called the first defendant, who confirmed the transaction. I then arranged for cash pickup through a contact at Ashrof Energy.”
He added that another $1 million was collected the same day via a second intermediary, this time through a company called Triple A.
โBuba sent me WhatsApp messages confirming the arrangements,โ the witness stated.
According to an EFCC statement, when Mbagwu, the second defendant, initially denied knowledge of the transaction, Buba allegedly forwarded him a screenshot of their conversation, after which Mbagwu gave approval for the cash collection.
The witness further testified that between 13 and 24 March 2025, he facilitated the collection of additional cash sums ranging from $1 million to $2 million on several occasions, with the knowledge and assistance of both Buba and Mbagwu.
These funds were allegedly swapped and transferred in tranches into Ocean Gate Energy Oil and Gasโ Zenith Bank account.
โAisha told me she needed dollars to buy an oil block, and she required inflows into her Zenith Bank account. All the cash collected was confirmed with the first defendant before action,โ he explained.
In addition to the oil block transaction, the witness claimed that Achimugu also conducted naira-to-dollar exchanges through similar channels, again with Bubaโs confirmation in each instance.
โShe would credit naira into designated accounts, and I would transfer the dollar equivalent into her account at Zenith,โ he said.
As part of the evidence, the EFCC tendered printouts of WhatsApp chats between the witness and Buba, along with a certificate of identification. The documents were admitted by the court.
The case was adjourned to Friday, 18 July 2025, for continuation of trial.
The EFCC maintains that the transactions violated Nigeriaโs anti-money laundering laws, citing the volume of cash involved and the active role played by senior banking executives.
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