$12 Million in 10 Days: How SunTrust Bosses Moved Cash for Oil Deal – Witness

The Federal High Court in Abuja, on Thursday, heard stunning details of how the Managing Director of SunTrust Bank, Halima Buba, and the bank’s Executive Director, Innocent Mbagwu, allegedly facilitated the covert movement of $12 million in cash within just 10 days for businesswoman Aisha Achimugu, bypassing all formal financial channels.

The Economic and Financial Crimes Commission (EFCC), which arraigned both bank executives on June 13, 2025, on a six-count charge of money laundering, opened its case by presenting its first witness, Mr. Suleman Chiroma, a former Bureau de Change operator.

Chiroma told Justice Emeka Nwite that the transactions took place between March 10 and March 24, 2025, and involved a series of cash pickups from SunTrust Bank’s Abuja and Lagos branches. The funds were allegedly swapped and funneled into the Zenith Bank account of Oceangate Energy Oil & Gas Limited, a company owned by Achimugu.

“On March 10, Aisha called me to handle some forex transactions. I contacted the first defendant [Buba], and she confirmed her involvement,” Chiroma testified. “That same day, a man named Iliya collected $1 million in cash from SunTrust Bank in Abuja for onward payment to Oceangate’s account.”

According to Chiroma, two more cash collections followed immediately: $1 million was picked up by Abdulkadir Mohammed, and another $2 million was received by a man identified as Kabiru. These transactions were handled under Buba’s oversight in Abuja.

Chiroma said he earned N15 million in profit from facilitating the transactions.

He explained that Achimugu told him she needed the U.S. dollars to finance the purchase of an oil bloc, requiring significant foreign inflow into her corporate account. Buba reportedly coordinated all Abuja transactions, while Mbagwu supervised the Lagos operations.

“On March 13, Aisha informed me that $1 million was ready at the Lagos branch. When I contacted the second defendant [Mbagwu], he initially denied knowledge, but later cleared the payment after the first defendant shared a screenshot of their chat,” Chiroma told the court.

He added that cash pickups continued over the next few days:

• March 13: $2 million collected in Lagos
• March 14: Another $2 million picked up
• March 20 & 24: Two separate tranches of $2 million each received by an associate named Sani

Chiroma said the money was collected by agents sent by his associate, Hassan Dankali of Ashrap Ltd, with individuals like Tijjani Adamu, Muktar Miko, and Sani handling specific pickups.

In addition to the oil bloc-related transfers, Chiroma revealed that Achimugu later requested naira-for-dollar swaps, indicating broader, unrecorded forex activity.

The EFCC tendered WhatsApp conversations between Chiroma and Buba, alongside a certificate of identification. Despite opposition from defence counsel J.J. Usman, SAN, and M.S. Ibrahim, Justice Nwite admitted the documents as Exhibit P1, with the defence reserving their objections for the final address stage.

Both Buba and Mbagwu pleaded not guilty at their arraignment and are currently on ?100 million bail each, with one surety in like sum.

Justice Nwite adjourned the matter to Friday, July 18, 2025, for continuation of trial.