The Economic and Financial Crimes Commission (EFCC) has revealed damning testimony in the ongoing trial of SunTrust Bank executives, Halima Buba and Innocent Mbagwu, over alleged money laundering totalling $12 million.
The update, shared via the Commission’s official X (formerly Twitter) account, disclosed that the First Prosecution Witness (PW1), a bureau de change operator, testified before Justice Emeka Nwite of the Federal High Court, Abuja, detailing how the defendants allegedly facilitated multimillion-dollar cash transactions on behalf of oil magnate Aisha Achimugu.
Buba, the Managing Director/Chief Executive Officer, and Mbagwu, the Chief Compliance Officer of SunTrust Bank, are facing a six-count charge for alleged money laundering brought against them by the EFCC.
Led in evidence by prosecuting counsel Ekele Iheanacho, SAN, the witness recounted a series of foreign exchange transactions conducted between himself, the defendants, and associates of Aisha Achimugu.
According to the witness, “Sometime in March 2025, I received a call from Aisha Achimugu that she had some forex transactions at SunTrust Bank in Abuja and Lagos. I called the first defendant, and she confirmed knowledge of the transaction.”
He went on to describe multiple instances where large sums of cash—ranging from $1 million to $2 million—were collected at SunTrust Bank branches and routed for transfer into Achimugu’s Ocean Gate Energy Oil and Gas account domiciled in Zenith Bank. Collections were made through several intermediaries, including friends and agents who received the funds physically for the swap transactions.
On March 13, 2025, for instance, the witness said, “A staff of Aisha, Iliya, was in SunTrust Bank Abuja for the payment of $1 million… I contacted Hassan of Ashrof Energy, who sent Tijani for the collection. Later that day, I arranged for another $1 million collection via Triple A. Kabiru also received $2 million that day.”
The witness added that despite initial hesitation from the second defendant, Mr. Innocent Mbagwu, the transaction was later confirmed after the first defendant shared a screenshot of their WhatsApp conversation, clearing the way for the cash pickups.
He further testified that on several dates—March 13th, 14th, 20th, and 24th—millions of dollars in cash were collected through SunTrust Bank by various intermediaries acting on behalf of Achimugu, all for eventual inflows into Ocean Gate Energy accounts.
“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 stated.
He also revealed that, in addition to the oil block purchase, other foreign exchange transactions involving naira-to-dollar conversions were executed by Achimugu, with confirmations allegedly coming directly from the first defendant.
The case has intensified scrutiny on the role of bank executives in facilitating illicit transactions and circumventing regulatory controls through informal financial networks. The EFCC says it is committed to unearthing the full scope of the scheme.
Credit: @officialEFCC via x.com.
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