The Economic and Financial Crimes Commission (EFCC) has linked SunTrust Bank Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, to an alleged $12 million money laundering scheme involving businesswoman Aisha Achimugu.

During a court session held on Thursday, July 17, 2025, at the Federal High Court in Abuja, the EFCC’s first prosecution witness (PW1) detailed a series of foreign currency transactions he facilitated at the request of Achimugu. The case is being heard before Justice Emeka Nwite.

Testifying under examination by EFCC counsel, Ekele Iheanacho, SAN, the witness—a bureau de change operator—recounted how large sums of U.S. dollars were moved through him via SunTrust Bank branches in Lagos and Abuja, often with the knowledge and confirmation of the bank's top executives.

"In March 2025, Aisha Achimugu contacted me about foreign exchange transactions she wanted to carry out at SunTrust Bank. I reached out to the first defendant [Buba], who confirmed she was aware," the witness told the court.

He said that on March 13, 2025, a staff member of Achimugu’s, identified as Iliya, went to the bank’s Abuja branch to facilitate a $1 million cash-for-transfer transaction. The funds were eventually deposited into Ocean Gate Energy Oil and Gas’ account at Zenith Bank.

The witness claimed that Achimugu had stated her intention to use the funds to acquire an oil block, adding that he had met her in 2021 through Buba at the bank.

He further revealed that transaction confirmations were routinely sent via WhatsApp, including messages from Buba and screenshots of communications with Mbagwu, the second defendant.

The witness testified to several additional cash swaps:

On March 13, 2025, $2 million was received from Mbagwu.

On March 14, another $2 million followed.

On March 20 and March 24, further $2 million transactions occurred.

In each instance, he said, the dollar inflows were converted and remitted in tranches to Ocean Gate Energy’s Zenith Bank account.

Apart from the oil block purchase, the witness said Achimugu conducted further currency exchanges, converting Naira into U.S. dollars—transactions allegedly confirmed by Buba, with Naira amounts credited to local bank accounts and the dollar equivalent sent to Ocean Gate Energy.

The trial is ongoing as the EFCC works to prove its case against the accused executives and their alleged role in the high-profile money laundering operation.