SunTrust Bank MD, Executive Director Accused of Laundering $12M for Businesswoman — EFCC Witness Testifies
The Managing Director of SunTrust Bank, Halima Buba, and the bank’s Executive Director, Innocent Mbagwu, are currently standing trial at the Federal High Court in Abuja over allegations of laundering $12 million for businesswoman Aisha Achimugu within just 10 days.
The Economic and Financial Crimes Commission (EFCC) arraigned the duo on June 13, 2025, on a six-count charge related to money laundering, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022. Both defendants pleaded not guilty and were granted bail in the sum of ₦100 million each with one surety in like sum.
At Thursday’s hearing, the EFCC’s first witness, Mr. Suleman Chiroma, a former Bureau de Change operator, gave a detailed account of how the transactions occurred. He claimed that between March 10 and March 20, 2025, large sums of U.S. dollars were withdrawn in cash from SunTrust Bank branches in Abuja and Lagos, then converted and deposited into the account of Oceangate Energy Oil & Gas, a company linked to Achimugu.
Chiroma told the court that Achimugu initially contacted him for a forex transaction and that he received confirmations from both bank executives. He mentioned that over the period, individuals such as Iliya, Abdulkadir Mohammed, Kabiru, Muktar Miko, and Sani received multiple $1M–$2M cash payments from various SunTrust branches for onward naira payments.
“In all the transactions, I made a profit of ₦15 million,” Chiroma testified.
Chiroma disclosed that Aisha Achimugu informed him the funds were to purchase an oil bloc and required significant U.S. dollar inflows into her company’s account. He added that the MD, Halima Buba, coordinated Abuja transactions, while Mbagwu handled operations in Lagos.
The EFCC submitted WhatsApp message printouts and chat screenshots between Chiroma and the defendants, confirming the transactions. These were admitted by Justice Emeka Nwite as Exhibit P1, despite objections from the defence counsel, J. J. Usman (SAN) and M. S. Ibrahim, who reserved their arguments until the final stage.
Chiroma also revealed that beyond the $12 million oil-related transfers, Achimugu attempted another cash-for-dollars exchange involving naira payments from undisclosed parties.
