A startling revelation emerged at the Federal High Court in Abuja as Suleiman Ciroma, a key witness for the Economic and Financial Crimes Commission (EFCC), testified that a staggering $12 million in cash was exchanged through SunTrust Bank branches within just 10 days.
Testifying on Thursday, Ciroma, a former bureau de change operator, detailed how the cash transactions took place between March 10 and March 20, 2024, at the bank’s Abuja and Lagos branches.
He submitted documents outlining the inflow and movement of the funds while being led in evidence by EFCC counsel Ekele Iheanacho.
The transactions are at the heart of a money laundering trial involving Halima Buba, the Managing Director/CEO of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer. Both are standing trial on a six-count charge related to money laundering amounting to $12 million.
“Buba Coordinated, Mbagwu Facilitated”
Ciroma testified that the foreign exchange deal began when Aisha Achimugu, a businesswoman, contacted him about converting dollars via the bank.
He said he confirmed the arrangement with Buba, who subsequently coordinated the disbursement of funds in Abuja. Mbagwu, according to him, oversaw transactions in Lagos.
He recounted how, on the first day, his associate, Tijjani Adamu, collected $1 million, while Abdulkadir Mohammed and Kabiru, respectively, picked up $1 million and $ 2 million—all in cash.
He said the total $12 million was converted and credited in tranches to Oceangate Energy Oil & Gas Ltd, a company reportedly owned by Achimugu, via its Zenith Bank account.
Ciroma claimed he made N15 million profit from the deal and was told the funds were to be used for the purchase of an oil block.
WhatsApp Evidence and Court Exhibits
The EFCC tendered WhatsApp conversations between Ciroma and Buba as evidence. Although defence lawyers Johnson Usman and M.S. Ibrahim objected to the admissibility, they reserved their arguments for the final address. Justice Emeka Nwite admitted the evidence as Exhibit P1 and adjourned the matter to July 18 for continuation.
Buba and Mbagwu have pleaded not guilty and are currently out on bail.
Backstory: EFCC, SunTrust Clash Over N11 Billion Transfer
The case stems from a broader clash between SunTrust Bank and the EFCC. In April 2025, the anti-graft agency reportedly ordered the bank to transfer over N11 billion from Felak Concept Group Ltd., a company linked to Aisha Achimugu, into its recovery account with the Central Bank of Nigeria (CBN).
Sources say the bank requested a court order before initiating the transfer, citing legal obligations to its customer.
However, the EFCC allegedly did not provide any such order and instead disrupted the bank’s nationwide operations and detained Buba.
Eventually, the bank complied and transferred the funds under what they described as “coercion and threat.”
Legal Tussles Continue
Following the ordeal, Buba and Mbagwu filed a fundamental rights enforcement suit but later withdrew it. However, other legal battles remain active:
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Felak Concept Group sued the EFCC, SunTrust Bank, and the CBN over the legality of the N11 billion transfer.
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Aisha Achimugu also filed a rights suit (FHC/CS/ABJ/626/2025) against the EFCC, alleging harassment and intimidation.
Hearings for these cases are slated for July 17 and July 25, respectively.
Source: TheCable
