The witness, identified as PW1 and a former Bureau De Change operator, testified before Justice Emeka Nwite. Nairametrics previously reported on June 13, 2025, that the EFCC had charged both Buba and Mbagwu before Justice Nwite. The two bank executives are facing a six-count indictment related to money laundering totaling $12 million.
According to the EFCC’s charge sheet, Buba and Mbagwu are accused of facilitating large cash transactions without processing them through a financial institution, which allegedly violates the Money Laundering (Prevention and Prohibition) Act, 2022.
Details of the Charges One of the charges states:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and INNOCENT MBAGWU, Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, on March 10, 2025, in Abuja, within the jurisdiction of this Honourable Court, assisted Femi Gbamgboye in making a cash payment of $3 million to Suleiman Muhammed Chiroma and associates without going through a financial institution, thereby committing an offense contrary to Section 21(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.”
The total amount allegedly laundered is reported to be $12 million. When the charges were read in earlier proceedings, both defendants pleaded not guilty.
Justice Emeka Nwite granted each defendant bail set at N100 million and adjourned the case for trial. Court Proceedings During the resumed trial, EFCC counsel E.E. Iheanacho, SAN, led the witness (PW1) in his testimony.
The witness described himself as a businessman who operates a travel agency and previously ran a Bureau De Change. He testified about an alleged foreign exchange transaction involving himself, the bank’s MD, and Aisha Achimugu in March 2025. The witness recounted receiving a call from Aisha Achimugu, who mentioned she had forex transactions to conduct at SunTrust Bank’s Abuja and Lagos branches.
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He contacted Halima Buba, who confirmed her awareness of the transaction. On March 10, 2025, the witness received a call from a staff member of Aisha Achimugu, stating he was at SunTrust Bank Abuja to facilitate a cash payment of $1 million as a swap to be deposited into Aisha Achimugu’s account at Ocean Gate Energy Oil and Gas. The witness noted that Achimugu expressed her need for dollar inflow to purchase an oil block.
On March 13, 2025, the witness received another call from Achimugu about a cash payment of $1 million available at SunTrust Bank Lagos. He sought confirmation from the bank’s MD, who provided him with the contact information for Mbagwu. When he reached out to Mbagwu, he was informed that Mbagwu was unaware of the transaction. After relaying this information to Buba, she sent him a screenshot of their conversation.
Mbagwu later called him, indicating they could proceed with the cash collection via WhatsApp. The witness stated that he informed Hassan D., who sent Muktar Miko to collect the cash.
He alleged that Muktar received a total of $2 million in cash from Mbagwu, along with additional cash payments of $2 million on March 14 and another $2 million on March 17 for cash swaps. After receiving all the cash, the witness confirmed that the funds were transferred into the Ocean Gate Energy Oil and Gas account in multiple installments. When asked by Iheanacho if he profited from these transactions, the witness replied, “Yes, I made a profit of 15 million naira from all these transactions.”
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He also mentioned that he communicated with the SunTrust MD via WhatsApp. Iheanacho then requested to submit printed copies of the WhatsApp conversations between the witness and the defendants, along with a certificate of compliance, as evidence.
The lawyers for both defendants, J.J. Usman, SAN, and the second defendant’s attorney, reserved their objections until the final address stage. Justice Nwite subsequently admitted the exhibits into evidence.
The trial was adjourned until Friday for further proceedings.
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