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Trial Uncovers Massive Forex Transactions Allegedly Coordinated by Bank Executives.
The trial of Halima Buba, the Managing Director and Chief Executive Officer of SunTrust Bank, and the bank’s Chief Compliance Officer, Innocent Mbagwu, has taken a dramatic turn following explosive revelations in court on Thursday, July 17, 2025.
TJ News Nigeria learnt that the duo are facing a six-count charge filed by the Economic and Financial Crimes Commission (EFCC) over an alleged $12 million money laundering scheme.
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The case is being heard before a Federal High Court sitting in Abuja.
Witness Details How $12m Was Swapped in Less Than Two Weeks
During Thursday’s proceedings, the EFCC presented its first prosecution witness (PW1), a bureau de change operator, who narrated how he helped facilitate multiple foreign exchange swaps involving large cash payments received directly from SunTrust Bank officials.
According to PW1, the transactions, which were carried out in March 2025, were initiated by businesswoman Aisha Achimugu and confirmed by Halima Buba herself.
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The witness said he first received a call from Achimugu about pending forex deals at SunTrust Bank’s branches in Lagos and Abuja. Upon contacting Buba, she confirmed the transactions and their legitimacy.
Millions Moved in a Day
The first major transfer occurred on March 13, 2025. The witness told the court that he received $1 million in cash from Iliya, an aide to Achimugu, at the SunTrust Bank branch in Abuja. The cash was intended for a forex swap and to be deposited into Ocean Gate Energy Oil and Gas’ account at Zenith Bank.
He confirmed the transaction with Buba and enlisted a partner, Hassan of Ashrof Energy, who dispatched a courier to pick up the funds.
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Shortly after, another $1 million in cash was delivered to the bank’s Wuse 2 branch, again with Buba’s knowledge. This transaction was handled through another associate from Triple A.
Later that same day, a third batch of $2 million in cash was collected for a separate swap.
Communication Trail and WhatsApp Confirmations
PW1 also testified that he had first met Achimugu at SunTrust Bank in 2021 through Halima Buba. In the March 2025 transactions, he maintained regular communication with both Buba and Mbagwu via WhatsApp.
While Mbagwu initially denied awareness of one of the deals, Buba allegedly sent a screenshot of her chat with him confirming his involvement. Mbagwu then reportedly called the witness to greenlight the pickup of another $2 million in cash.
On March 13 and 14, a total of $4 million was collected from Mbagwu by Muttar Miko, another associate of the witness.
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By March 20, Achimugu again called the witness, asking for a $2 million transaction to be confirmed with Buba. This amount was also provided by Mbagwu.
The final known tranche of $2 million was handed over on March 24, 2025. According to the testimony, the cumulative $12 million was transferred in tranches to Ocean Gate Energy’s Zenith Bank account after conversion.
Swaps Also Included Naira-Dollar Conversions
The witness further revealed that aside from forex swaps related to oil block acquisitions, Achimugu also engaged in local naira-to-dollar exchange transactions. These deals were likewise confirmed with Buba.
He testified that in those cases, naira deposits were made into specified accounts, while the dollar equivalent was paid into Ocean Gate Energy’s account.
As part of the court submission, the EFCC presented WhatsApp printouts and a certificate of identification as documentary evidence to support the testimony.
EFCC Pushes for Full Accountability
The EFCC alleges that the defendants violated anti-money laundering laws through their coordination of unregulated foreign exchange dealings. Prosecutors say the $12 million moved through these channels lacked the transparency and documentation required by financial regulations.
TJ News Nigeria can exclusively report that more witnesses are expected to testify as the prosecution builds its case against the bank executives.
The court has adjourned the matter to Friday, July 18, 2025, for the continuation of trial.
Implications for Nigeria’s Financial Sector
This case has drawn significant public attention due to the high-profile nature of the accused and the scale of the alleged infractions. Industry analysts suggest it could further impact confidence in Nigeria’s banking system, particularly in the regulatory oversight of forex transactions.
The EFCC’s pursuit of this case also comes amid President Bola Tinubu’s administration’s renewed push for anti-corruption accountability in the financial sector.
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