In a Federal High Court sitting in Abuja on Thursday, July 17, 2025, the trial of Halima Buba and Innocent Mbagwu, the Managing Director/Chief Executive and Chief Compliance Officer of SunTrust Bank Ltd respectively, continued with a prosecution witness narrating how the defendants facilitated the movement of millions of dollars in cash for transfers. Both are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a six-count charge of money laundering to the tune of $12 million.
The First Prosecution Witness (PW1), a bureau de change operator, while giving evidence under the guidance of prosecuting counsel Ekele Iheanacho, SAN, provided details of multiple foreign exchange transactions involving him, the first defendant, and one Aisha Achimugu.
The Origin of the Transaction
According to the witness, his involvement began in March 2025 after a phone call from Aisha Achimugu, who informed him that she had some forex transactions pending at SunTrust Bank branches in Abuja and Lagos. The witness said he confirmed the transactions with the first defendant, Halima Buba.
He stated, “Sometime in March 2025, I received a call from Aisha Achimugu that she has some forex transaction in Sun Trust Bank in Abuja and Lagos branches and I called the first defendant and she confirmed to me that she knows about the transaction.”
Multiple Cash Payments and Swaps
The witness detailed a series of transactions that took place on the 13th of March, 2025. He testified that on that day, he received a call from Iliya, a staff of Aisha Achimugu, who was at SunTrust Bank Abuja with a cash payment of $1 million. The funds were to be swapped and paid into Aisha Achimugu’s Ocean Gate Energy Oil and Gas account at Zenith Bank, a transaction he said he confirmed with Buba. He stated that he subsequently contacted a friend, Hassan of Ashrof Energy, who dispatched a person named Tijani to collect the cash.
PW1 added that on the same day, he received another call from Halima Buba stating that Aisha had sent Iliya to the SunTrust Bank Wuse 2 branch in Abuja with a similar request. He then contacted another associate, Tirzi of Triple A, who sent Abdulkadir Mohammed to collect a cash payment of $1 million. The witness further testified that he later sent another associate, Kabiru, to receive a cash payment of $2 million for a swap.
Second Witness Account
The witness also testified that he was first introduced to Aisha Achimugu in 2021 by Buba at SunTrust Bank. He further stated that on March 13, 2025, Aisha called him about another available cash payment of $1 million. He said he confirmed this with the first defendant via WhatsApp.
PW1 testified that upon calling the second defendant, Innocent Mbagwu, he claimed to be unaware of the transaction. The witness said he then informed Halima Buba of the second defendant’s response via a WhatsApp message, to which she responded with a screenshot of her chat with Innocent Mbagwu. According to the witness, the second defendant then called him to confirm that he could send someone to collect the cash.
The witness then said, “On 13th of March 2025, Muttar Miko received a total payment of $2 million from the second defendant. He also received a total cash of $2 million for swap on the 14th March, 2025 from the second defendant. On the 20th March, I also received a call from Aisha Achimugu which I confirmed from the first defendant for $2 million for a cash swap which I received from the second defendant and I contacted Hassan of Ashrob who sent Sani Fadri for the cash payment. On the 24th of March, Sani Fadil also received a cash payment of $2 million from the second defendant for payment of inflow into Ocean Gate Energy Oil and Gas. After receiving all the cash payment, a swap was made and a payment of inflow was transferred into Ocean Gate Energy Oil and Gas in Zenith Bank in tranches.”
The witness also stated that aside from the transaction related to the purchase of an oil block, Aisha Achimugu also conducted transactions to exchange Naira for Dollars, which he would confirm from the first defendant. In these instances, Naira was credited to those accounts, and the dollar equivalent was transferred to Ocean Gate Energy. The WhatsApp printout of his communication with Halima Buba and a certificate of identification were presented as evidence.
The matter was adjourned until Friday, July 18, 2025, for the trial to continue.
