A bureau de change operator testifying in the ongoing trial of Sun Trust Bank Managing Director, Halima Buba and Chief Compliance Officer, Innocent Mbagwu, , on Thursday, 17 July, 2025 revealed how the duo allegedly facilitated the movement of $12 million in cash through a series of coordinated foreign exchange transactions, reports Business Today NG
According to the Bureau de change operator, who is a witness,, said the funds were routed for the benefit of Aisha Achimugu, a businesswoman who claimed she needed the dollars to secure an oil block.
The bank top executives are facing a six-count charge bordering on money laundering, filed by the Economic and Financial Crimes Commission (EFCC).
Testifying as the first prosecution witness (PW1), he told the court, presided over by Justice Emeka Nwite, how the accused persons allegedly coordinated multi-million-dollar transactions involving cash pickups and transfers on behalf of Achimugu.
The witness detailed a series of transactions that began in March 2025, linking both defendants to suspicious forex dealings involving large sums of cash allegedly routed through SunTrust Bank branches in Abuja and Lagos.
According to his testimony, the transactions were initiated by Achimugu, who approached him to handle forex swaps. He said he confirmed the legitimacy of the transactions with Buba, the first defendant, before proceeding.
“On 13 March 2025, I received a call from Aisha Achimugu that $1 million was available at SunTrust Bank. I called the first defendant, who confirmed the transaction. I then arranged for cash pickup through a contact at Ashrof Energy,” he said.
He added that another $1 million was collected the same day via a second intermediary, this time through a company called Triple A.
“Buba sent me WhatsApp messages confirming the arrangements,” the witness stated.
According to an EFCC statement, when Mbagwu, the second defendant, initially denied knowledge of the transaction, Buba allegedly forwarded him a screenshot of their conversation, after which Mbagwu gave approval for the cash collection.
The witness further testified that between 13 and 24 March 2025, he facilitated the collection of additional cash sums ranging from $1 million to $2 million on several occasions, with the knowledge and assistance of both Buba and Mbagwu.
These funds were allegedly swapped and transferred in tranches into Ocean Gate Energy Oil and Gas’ Zenith Bank account.
“Aisha told me she needed dollars to buy an oil block, and she required inflows into her Zenith Bank account. All the cash collected was confirmed with the first defendant before action,” he explained.
In addition to the oil block transaction, the witness claimed that Achimugu also conducted naira-to-dollar exchanges through similar channels, again with Buba’s confirmation in each instance.
“She would credit naira into designated accounts, and I would transfer the dollar equivalent into her account at Zenith,” he said.
As part of the evidence, the EFCC tendered printouts of WhatsApp chats between the witness and Buba, along with a certificate of identification. The documents were admitted by the court.
The EFCC told the court that the transactions violated Nigeria’s anti-money laundering laws, citing the volume of cash involved and the active role played by senior banking executives.
The case was adjourned to Friday, 18 July 2025, for futher hearing
