Accused $12m Fraud: Witness Describes Involvement of Sun Trust Bank Executive

Accused $12 Million Fraud: Witness Describes Involvement of Sun Trust Bank Executives in Multi-Million Dollar Cash Transactions

On July 17, 2025, the Federal High Court in Abuja witnessed a significant testimony in the money laundering case against Halima Buba and Innocent Mbagwu, the Managing Director/Chief Executive and Chief Compliance Officer of SunTrust Bank Ltd, respectively. The first prosecution witness, a bureau de change operator, recounted a series of foreign exchange transactions involving the defendants and Aisha Achimugu, which allegedly facilitated the laundering of $12 million.

Under questioning by prosecuting counsel Ekele Iheanacho, SAN, the witness detailed how Aisha Achimugu contacted him in March 2025 to facilitate foreign exchange transactions at SunTrust Bank's Abuja and Lagos branches. The witness verified these transactions with Halima Buba, the first defendant, who confirmed her awareness of the deals. The witness then coordinated with his associates to collect and swap millions of dollars, which were ultimately deposited into Aisha Achimugu's Ocean Gate Energy Oil and Gas account at Zenith Bank.

The witness revealed that Aisha Achimugu informed him she needed to purchase an oil block and required dollar inflows into her account. He had become acquainted with Aisha in 2021 through Halima Buba during a meeting at SunTrust Bank. The witness testified that he would confirm these transactions with the first defendant, who would sometimes seek Innocent Mbagwu's authorization.

The witness provided a detailed account of the transactions, which included multiple cash collections and swaps totaling $12 million. He stated that beyond the oil block transaction, Aisha Achimugu engaged in other foreign exchange exchanges of Naira for Dollars, which he would confirm with the first defendant. These transactions involved crediting Naira to various accounts, while the equivalent in dollars was transferred to Ocean Gate Energy.

The Economic and Financial Crimes Commission (EFCC) has charged Halima Buba and Innocent Mbagwu with six counts related to money laundering. The testimony of the first prosecution witness has shed light on the alleged illegal activities and has implicated the defendants in the illegal transactions. The prosecution's case will continue to unfold as the trial progresses, with the aim of establishing the guilt of the accused beyond a reasonable doubt.