Abuja, Nigeria — July 17, 2025: The Federal High Court in Abuja has commenced trial proceedings against the Managing Director of SunTrust Bank, Halima Buba, and Executive Director, Innocent Mbagwu, over allegations of laundering $12 million for a businesswoman, Aisha Achimugu, within 10 days.

Both defendants, arraigned by the Economic and Financial Crimes Commission (EFCC) on June 13, 2025, before Justice Emeka Nwite, face a six-count charge of money laundering in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022. They both pleaded not guilty and were each granted ₦100 million bail with one surety in like sum.

EFCC Presents First Witness

At the hearing on Thursday, July 17, the EFCC called its first witness, Mr. Suleman Chiroma, a former Bureau de Change operator. Chiroma testified that he was contacted by Achimugu on March 10, 2025, for a foreign exchange transaction, and subsequently liaised with Buba who confirmed the arrangement.

Chiroma detailed that:

  • Cash withdrawals totalling $12 million occurred at SunTrust Bank’s Abuja and Lagos branches between March 10 and March 20, 2025.

  • The dollar amounts were converted to naira equivalents, which were paid into the account of Oceangate Energy Oil & Gas, domiciled in Zenith Bank.

  • The transactions were facilitated by the two defendants — Buba in Abuja and Mbagwu in Lagos.

The witness submitted WhatsApp conversation printouts and a certificate of identification, which the court admitted as Exhibit P1, despite the defence’s objection, with arguments deferred until the final address.

Chiroma admitted earning a ₦15 million profit from facilitating the swaps and revealed that Achimugu informed him she was raising funds to purchase an oil bloc.

Details of Transactions

Chiroma narrated several instances of cash collection:

  • March 10: $1 million collected in Abuja.

  • March 13 & 14: $2 million and another $2 million collected in Lagos.

  • March 20 & 24: $2 million each collected, coordinated through intermediaries sent by Chiroma’s contacts.

He also disclosed that Achimugu proposed an additional deal to exchange naira cash for US dollars.

Defence's Position and Court Adjournment

Defence counsel, J. J. Usman, SAN, and M. S. Ibrahim, opposed the admissibility of the documents but chose to defer their arguments to the final address stage.

Justice Emeka Nwite adjourned further proceedings to July 18, 2025, for continuation of trial.

Location Relevance

This case, ongoing in Abuja, is significant in Nigeria’s ongoing anti-corruption efforts and underscores the scrutiny of financial institutions in illicit financial flows.