Alleged $12m fraud: Witness details role of Sun Trust Bank executives in multi-million dollar cash transfers

The first prosecution witness in the ongoing trial of Halima Buba and Innocent Mbagwu on Thursday, 17 July 2025, told the Federal High Court in Abuja how millions of dollars in cash were routed through him for transfers involving SunTrust Bank.

Testifying before Justice Emeka Nwite, the witness,  a bureau de change operator ,  explained how he facilitated several foreign exchange transactions on behalf of the defendants and a third party, Aisha Achimugu. Buba and Mbagwu, who serve as Managing Director/Chief Executive Officer and Chief Compliance Officer of SunTrust Bank Ltd respectively, are facing a six-count charge filed by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering totalling $12 million.

Led in evidence by prosecuting counsel Ekele Iheanacho, SAN, the witness narrated that, “Sometime in March 2025, I received a call from Aisha Achimugu that she had some forex transactions at SunTrust Bank in both the Abuja and Lagos branches. I called the first defendant, who confirmed she was aware of the transactions.”

He said on 13 March 2025, a man named Iliya, an associate of Achimugu, visited SunTrust Bank in Abuja to make a $1 million payment. The sum was intended for a swap, to be credited into Achimugu’s Ocean Gate Energy Oil and Gas account domiciled with Zenith Bank. According to the witness, this was again verified with the first defendant.

He continued: “I contacted my associate Hassan of Ashrof Energy, who sent Tijani to collect the cash. On the same day, the first defendant informed me again that Aisha had sent Iliya to SunTrust Bank, Wuse 2, Abuja. I reached out to my contact, Tirzi of Triple A, who delegated Abdulkadir Mohammed to collect a further $1 million in cash. I later sent Kabiru to collect another $2 million for swap.”

The witness said Achimugu had informed him she required the foreign exchange transactions to facilitate the purchase of an oil block, necessitating dollar inflows into her Ocean Gate Energy Oil and Gas account at Zenith Bank. He said he first met her in 2021 through the first defendant at SunTrust Bank.

Describing one instance, he said: “On 13 March 2025, Aisha informed me that $1 million was ready at SunTrust. I called the first defendant to confirm and she responded via WhatsApp. When I reached out to the second defendant, Mr Innocent Mbagwu, he initially denied knowledge of the transaction. I relayed this to the first defendant, who then sent me a screenshot of her WhatsApp exchange with him. After that, the second defendant called to approve the collection. I then informed Hassan Dankali, who sent Muktar Miko to collect the cash.”

The witness added that Miko received $2 million from Mbagwu on 13 March and another $2 million on 14 March. Further payments of $2 million were received on 20 and 24 March following confirmation from the first defendant. In each instance, the cash collected was swapped for bank transfers to Ocean Gate Energy Oil and Gas at Zenith Bank in tranches.

He also testified that apart from the oil block-related transactions, Achimugu conducted routine Naira-to-Dollar exchange operations, which he would always verify with the first defendant. Naira payments were made to designated accounts while the equivalent in dollars was transferred to Ocean Gate Energy.

The court admitted into evidence a printed WhatsApp conversation from the witness’s phone, alongside a certificate of identification authenticating the messages exchanged with the first defendant.

Justice Nwite adjourned the matter until Friday, 18 July 2025, for continuation of trial.