By Nkechi Eze
The Federal High Court sitting in Abuja on Thursday, July 17, 2025, heard explosive testimony from the first prosecution witness in the ongoing trial of Halima Buba and Innocent Mbagwu, the Managing Director/Chief Executive Officer and Chief Compliance Officer of SunTrust Bank Limited, respectively. The duo is standing trial on a six-count charge of money laundering amounting to $12 million.
In court before Justice Emeka Nwite, the prosecution witness, a bureau de change operator, gave a detailed account of how he allegedly served as a conduit for large volumes of foreign currency cash routed through the bank’s branches in Abuja and Lagos on the instructions of the defendants.
The Economic and Financial Crimes Commission (EFCC) is prosecuting the case. Its spokesperson, Dele Oyewale, confirmed the court proceedings in a statement issued on Wednesday, July 16, 2025.
Led in evidence by prosecuting counsel Ekele Iheanacho, SAN, the witness described a series of cash-based transactions allegedly carried out between him, the first defendant Halima Buba, and one Aisha Achimugu, purportedly for the purpose of acquiring an oil block.
“On March 13, 2025, I received a call from Aisha Achimugu that she had a foreign exchange transaction at SunTrust Bank in both Abuja and Lagos branches,” the witness told the court. “I contacted the first defendant who confirmed knowledge of the deal. Aisha’s staff, Iliya, was already at SunTrust Bank in Abuja with $1 million for a cash swap, to be paid into the Ocean Gate Energy Oil and Gas account domiciled in Zenith Bank, which I also confirmed with the first defendant.”
He said he subsequently contacted Hassan of Ashrof Energy, who sent a representative, Tijani, to collect the cash. That same day, he received another call from the first defendant that Aisha had again sent Iliya to SunTrust Bank in Wuse II, Abuja. The witness said he contacted another associate, Tirzi of Triple A, who sent Abdulkadir Mohammed to collect another $1 million.
“I also sent Kabiru to receive $2 million in cash for a swap,” he added.
Providing further insight, the witness stated, “Aisha told me she needed dollars to purchase an oil block, and I was to ensure inflows were made into the Ocean Gate Energy Oil and Gas account at Zenith Bank. I got to know Aisha through the first defendant in 2021, and we met at SunTrust Bank.”
He recounted another instance on March 13, 2025, where he again received word from Aisha about a $1 million cash payment available at SunTrust Bank. Upon contacting the first defendant, he said she confirmed the transaction via WhatsApp. When he reached out to the second defendant, Mr. Innocent Mbagwu, he claimed to be unaware. However, shortly afterward, the first defendant shared a screenshot of a WhatsApp conversation with Mbagwu, confirming the transaction. The second defendant then called the witness, authorizing him to send someone for the collection.
Subsequently, the witness said Hassan Dankali was contacted, and Muktar Miko was sent to collect the money.
“Muttar Miko collected $2 million in cash from the second defendant on March 13, 2025,” the witness told the court. “On March 14, another $2 million was also received from the second defendant. Then on March 20, I got another call from Aisha for $2 million, which I confirmed with the first defendant. That cash was received by Sani Fadri from the second defendant. On March 24, another $2 million was collected by the same Sani Fadil from the second defendant.”
The witness explained that after receiving all the dollar cash payments, equivalent naira deposits were made, and foreign currency inflows were transferred in tranches into the Ocean Gate Energy Oil and Gas account in Zenith Bank.
He added that outside of the oil block purchase, Aisha Achimugu also used similar channels for naira-to-dollar exchanges, which he confirmed directly with the first defendant. In those cases, naira amounts were credited to specified accounts while their dollar equivalents were paid into Aisha’s account.
A printed record of WhatsApp communications between the witness and the first defendant, along with a certificate of identification, was tendered in evidence before the court.
Justice Emeka Nwite adjourned the matter until Friday, July 18, 2025, for the continuation of trial.
