SunTrust Bank Executives Stand Trial for Alleged $12 Million Fraud

Abuja, Nigeria – The trial of two top SunTrust Bank executives, Halima Buba, the Managing Director/Chief Executive, and Innocent Mbagwu, the Chief Compliance Officer, on charges of alleged $12 million money laundering, continues to unfold at the Federal High Court in Abuja. Both defendants are facing a six-count charge brought by the Economic and Financial Crimes Commission (EFCC), stemming from their alleged roles in facilitating multi-million dollar cash transfers.

The key prosecution witness, a bureau de change operator identified as PW1, has provided extensive testimony detailing how he received a total of $12 million in cash, which was then transferred to the Zenith Bank accounts of Aisha Achimugu’s Ocean Gate Energy Oil and Gas.

According to the witness, the illicit transactions began in March 2025. He recounted a call from Aisha Achimugu regarding forex transactions at SunTrust Bank, which he then confirmed with Halima Buba. On March 13, 2025, Achimugu’s staff, Iliya, was at SunTrust Bank Abuja to process a $1 million swap. The PW1 testified that Buba confirmed this transaction, leading him to arrange for cash collection. Further cash payments of $1 million and $2 million were received on the same day, all facilitated by the first defendant.

The witness also revealed that he had known Aisha Achimugu since 2021 through Halima Buba. He testified about Achimugu’s need for dollar inflow to purchase an oil block, which led to further transactions.

ADVERTISEMENT

Crucially, the PW1 highlighted Innocent Mbagwu’s involvement. On March 13, 2025, after initially claiming no knowledge of a $1 million cash payment, Mbagwu authorized the collection of the funds following a WhatsApp chat exchange with Buba, a screenshot of which was shared with the witness. Between March 13 and 24, 2025, the witness confirmed receiving multiple cash tranches from Mbagwu, including $2 million on both March 13 and 14, and an additional $2 million on March 20 and March 24. These funds were subsequently swapped and transferred to the Ocean Gate Energy Oil and Gas account. The witness explicitly stated that none of the $12 million passed through his own bank accounts.

Beyond the oil block deal, the PW1 also confirmed facilitating Naira-to-Dollar exchanges for Aisha Achimugu, consistently verifying these transactions with Halima Buba before transferring the dollar equivalent to Ocean Gate Energy. WhatsApp printouts of the witness’s communication with Buba and a certificate of identification have been tendered as evidence.

During cross-examination on Friday, July 18, 2025, the defence counsel, Johnson Usman, SAN, attempted to tender several exhibits, including count charges and extra-judicial statements. However, the prosecution, led by Rotimi Oyedepo, SAN, successfully objected, arguing that the documents were not properly certified true copies. Oyedepo emphasized that only EFCC officers could certify certain documents, and that extra-judicial statements required adherence to Section 232 of the Evidence Act.

Justice Emeka Nwite has adjourned the matter to October 16 and 17, 2025, for a ruling on the admissibility of the contested exhibits and continuation of the cross-examination. The trial continues as the EFCC presses its case against the high-ranking bank officials.