By Nkechi Eze
In a significant development in the ongoing trial of SunTrust Bank executives over an alleged $12 million fraud, the first prosecution witness (PW1) on Friday, July 18, 2025, told Justice Emeka Nwite of the Federal High Court, Abuja, that he personally received the entire sum in cash for onward transfer to the bank accounts of businesswoman Aisha Achimugu.
According to a statement issued by the spokesperson of the Economic and Financial Crimes Commission (EFCC), the witness, a bureau de change operator, testified while being led in evidence by prosecuting counsel, Rotimi Oyedepo, SAN. He stated that between March 10 and 24, 2025, he received a total of $12 million in cash as part of a dollar-naira swap transaction coordinated through both the Abuja and Lagos branches of SunTrust Bank.
“Though I have both naira and dollar accounts with the bank, none of the money went through my account,” the witness said, further testifying that the entire transaction was facilitated physically rather than through the banking system.
He added that Achimugu, the owner of Ocean Gate Energy Oil and Gas whose account is domiciled in Zenith Bank, had also handed him a separate $1.8 million in tranches for naira conversion. “It was on social media that I heard Aisha Achimugu had been arrested. I forwarded the news to the first defendant,” he said.
The EFCC is prosecuting Halima Buba and Innocent Mbagwu, the Managing Director/Chief Executive and Chief Compliance Officer of SunTrust Bank Ltd, respectively, on a six-count charge bordering on money laundering involving $12 million.
During Friday’s proceedings, efforts by the defence counsel, Johnson Usman, SAN, to tender a batch of documents, including charges, extra-judicial statements of witnesses and defendants, a certificate of identification, and communications from SunTrust Bank were unsuccessful. The prosecution challenged their admissibility, citing procedural deficiencies.
Prosecuting counsel Oyedepo argued that the documents had not been properly certified in accordance with the Evidence Act, noting that the defence had failed to tender certified true copies. He maintained that many of the documents could only be certified by officials of the EFCC, as they are in the Commission’s custody.
“The documents from Pages 10 to 12 can only be certified by the EFCC. From Pages 13 to 31, which include a letter from SunTrust Bank to the EFCC and account documentation of Aisha Achimugu, can only be certified by EFCC officials. As such, they cannot be tendered from the bar,” Oyedepo said.
He further explained that the extra-judicial statements of the defendants and witnesses from Pages 32 to 83, must satisfy the requirements of Section 232 of the Evidence Act to be admissible. “There is no name of the certifying officer, no designation, and no evidence of fee payment. The documents are not in substantial compliance with Section 104 of the Evidence Act,” he said.
“My lord, I believe the tendering party intends to turn the court into a forensic expert. I urge the court to decline the admissibility of these documents,” Oyedepo concluded.
Following the heated submissions, Justice Emeka Nwite adjourned the matter to October 16 and 17, 2025, for ruling on the admissibility of the exhibits and continuation of cross-examination.
