A Bureau De Change (BDC) operator and prosecution witness for the Economic and Financial Crimes Commission (EFCC), Mr. Trinity Usman, told the Federal High Court in Abuja on Friday that he had no prior knowledge of Halima Buba and Innocent Mbagwu, executives of SunTrust Bank, who are currently facing trial over alleged money laundering offences totaling $12 million.
Usman, the 2nd prosecution witness (PW-2), spoke in front of Justice Emeka Nwite while being led in evidence by the EFCC’s lawyer, Ekele Iheanacho, SAN.
“I don’t know them,” Usman said when asked by EFCC counsel Ekele Iheanacho, SAN, to identify the defendants in the dock.
Halima Buba, Managing Director of SunTrust Bank, and Innocent Mbagwu, Executive Director and Chief Compliance Officer, were arraigned on June 13 by the EFCC.
The duo pleaded not guilty to six counts of facilitating high-value cash transactions without routing them through a financial institution, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
They were granted bail in the sum of N100 million each, with one surety apiece.
Usman, the second prosecution witness (PW-2), testified that he received $3 million in cash from one Suleiman Ciroma in April 2025 and transferred the funds into the account of Oceangate Engineering Oil & Gas Ltd, owned by Mrs. Aisha Achimugu.
“In that particular time, I had the money in my Triple A and Tee Oil and Gas Nig Ltd account,” Usman said. “After we agreed, Suleiman Ciroma gave me the dollar payment in cash. I paid him the dollars into Oceangate Engineering Oil and Gas Ltd account.”
He confirmed the transfer was made in four tranches but could not recall the exact dates.
When asked whether his BDC company, Triple A and Tee BDC Ltd, was involved in the transaction, Usman clarified that its license had been suspended at the time. He said the dollar transfer was executed through his oil and gas company account because it held available funds.
“The choice of using your oil and gas company account to transfer the dollars to Oceangate was your own decision,” Buba’s counsel, Johnson Usman, SAN, asked. Usman responded, “Affirmative.”
He also admitted that he did not inform the defendants about the suspended BDC license prior to the transaction.
Usman named Abdulkadir Mohammed and Kabir Haruna as staff members who facilitated the cash collection from Ciroma. He further testified that a naira-to-dollar transaction was conducted, with the naira deposited into Triple A and Tee Service Venture Ltd’s bank account and the dollar equivalent sent to Oceangate.
During cross-examination, Usman confirmed that Triple A and Tee BDC Ltd remain operational and have received “approval in principle” from the Central Bank of Nigeria.
Earlier on Thursday, Suleiman Ciroma, owner of Funnacle BDC Ltd and the first prosecution witness (PW-1), testified that Achimugu requested the dollar transfer to facilitate the purchase of two oil blocks. He explained that cash deposits would have restricted her ability to make transfers.
Ciroma stated, “Trimizi Usman and Hassan Dantani, upon their representatives collecting the money, in turn, transferred the dollar equivalent—less their charges—into a designated account provided by Aisha Achimugu.”
Ciroma stated, “Trimizi Usman and Hassan Dantani, upon their representatives collecting the money, in turn, transferred the dollar equivalent—less their charges—into a designated account provided by Aisha Achimugu.”
He confirmed that in forex transactions, transfers must originate from accounts with inflow, not cash deposits.
Both witnesses admitted under cross-examination that they had never met or communicated directly with the defendants. Ciroma acknowledged he had no text or WhatsApp exchanges with Mbagwu and did not inform Buba that his BDC license had expired.
Justice Emeka Nwite adjourned the matter until December 10 and 11 for the continuation of the trial.