A witness from the Economic and Financial Crimes Commission (EFCC) commenced his testimony on Thursday against the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, and the Executive Director/Chief Compliance Officer, Innocent Mbagwu, over alleged $12 million money laundering charges instituted by the Commission.
NAIJAONPOINT , a former Bureau De Change operator, marked as PW1, testified before Justice Emeka Nwite.
Naijaonpoint previously reported on June 13, 2025, that the EFCC had arraigned both Halima Buba and Innocent Mbagwu before Justice Nwite.
The two senior bank officials are being prosecuted on a six-count charge related to money laundering to the tune of $12 million.
According to the EFCC’s charge sheet, Buba and Mbagwu allegedly aided high-value cash transactions without routing them through a financial institution, which, according to the Commission, contravenes the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges reads:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU, being the Executive Director/Chief Compliance Officer SunTrust Bank Ltd, on the 10th day of March, 2025 in Abuja, within the jurisdiction of the Honourable Court, aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution, and thereby committed an offence contrary to Section 21(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.”
The cumulative transactions allegedly laundered are said to total $12 million.
When the charges were read during previous proceedings, the defendants pleaded not guilty.
Justice Emeka Nwite eventually granted bail to each defendant in the sum of N100 million and adjourned the case for trial.
At the resumed trial, EFCC counsel E.E. Iheanacho, SAN, led NAIJAONPOINT (PW1) in his evidence-in-chief.
“Sometime in March 2025, I received a call from Aisha Achimugu saying she had some forex transactions to carry out at SunTrust Bank’s Abuja and Lagos branches. I called the first defendant (Halima), and she confirmed that she knew about the transaction,” NAIJAONPOINT said.
“On March 13, 2025, I also received a call from Aisha Achimugu that some cash payment was available at SunTrust Bank Lagos: $1 million in cash. I called the SunTrust MD for confirmation, and she sent me the number of the second defendant. When I called the second defendant, he said he was not aware of the transaction. I then messaged the first defendant about his response, and she sent a screenshot of their chat. The second defendant then called me and said we could proceed with the cash collection (through WhatsApp).
“I also informed Hassan D., who sent Muktar Miko to collect the cash.”
He alleged that:
When asked by Iheanacho if he made any profit from these transactions, NAIJAONPOINT replied, “Yes, I made a profit of 15 million naira in all these transactions.”
When asked by Iheanacho if he made any profit from these transactions, NAIJAONPOINT replied, “Yes, I made a profit of 15 million naira in all these transactions.”
Iheanacho then applied to tender printed copies of WhatsApp conversations between NAIJAONPOINT and the defendants, along with a certificate of compliance, as exhibits.
The matter was then adjourned until Friday for continuation of the trial.