In a high-stakes trial that underscores Nigeria’s growing scrutiny of illicit financial flows, a prosecution witness for the Economic and Financial Crimes Commission (EFCC) on Thursday detailed how $12 million in cash was swapped across SunTrust Bank branches in Abuja and Lagos over just 10 days — allegedly facilitated by the bank’s top executives.
The testimony came during the ongoing trial of Halima Buba, Managing Director/CEO of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director/Chief Compliance Officer, before Justice Emeka Nwite of the Federal High Court in Abuja.
The EFCC is prosecuting the duo on a six-count charge bordering on money laundering, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022, for allegedly facilitating large-scale cash transactions without properly routing them through financial institutions — a breach of regulatory and compliance laws.
Witness Testimony: Cash, Contacts, and WhatsApp Messages
Mr. Suleiman Ciroma, a businessman and former Bureau De Change (BDC) operator, appeared as the first prosecution witness (PW-1). He testified that the $12 million cash transactions were executed between March 10 and March 20, 2024, under the guidance of the two defendants.
“The transactions began after I received a call from oil mogul Aisha Achimugu, who informed me she had a forex deal with SunTrust Bank,” Ciroma stated.
He explained that he confirmed the arrangement directly with Halima Buba, while the Lagos leg of the deal was coordinated by Mbagwu via telephone.
According to Ciroma, the cash disbursements were executed in tranches:
- $1 million collected by an agent at SunTrust’s Abuja branch and paid into Oceangate Energy Oil & Gas account at Zenith Bank.
- Another $1 million was collected the same day by a second agent.
- A further $2 million was handled by another intermediary, identified as Kabiru.
In total, $12 million was swapped into Achimugu’s company account, allegedly to fund the purchase of an oil block.
“I made a profit of ₦15 million from the transactions,” Ciroma disclosed under cross-examination.
Evidence Presented: Chats, Certificates, and Traced Transactions
The EFCC tendered as evidence:
- WhatsApp chat transcripts between Ciroma and Buba
- A certificate of identification signed by the witness
- Supporting transaction documents linking Oceangate Energy Oil & Gas to the foreign currency flows
Although defence counsels Johnson Usman, SAN (for Buba) and M.S. Ibrahim, SAN (for Mbagwu) objected to the admissibility of the exhibits, they opted to reserve their arguments until the final address stage.
Justice Nwite overruled the objection for now and admitted the evidence as Exhibit P1, before adjourning the matter to July 18 for continuation of trial.
BRANDECONOMY INSIGHT: High-Level Banking and Compliance on Trial
The case against SunTrust’s top executives reflects the increasing scrutiny of financial institutions’ compliance systems in Nigeria. If proven, the allegations raise significant questions about internal controls, Know-Your-Customer (KYC) enforcement, and how high-value cash transactions continue to circumvent formal processes.
The EFCC’s focus on bank executives highlights the regulator’s sharpened resolve to pursue not just corrupt individuals, but the enablers within the financial system who facilitate suspicious capital movements.
Bottom Line:
The ongoing trial of Halima Buba and Innocent Mbagwu may become a landmark case for financial crime enforcement and banking regulation in Nigeria. As testimony continues, the case will test the robustness of Nigeria’s anti-money laundering framework — and its ability to hold top-tier banking executives accountable.
