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Achimugu sought $12m cash swap through SunTrust Bank to buy oil block, EFCC witness tells court

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Suleiman Ciroma, a witness for the Economic and Financial Crimes Commission (EFCC), has told the federal high court in Abuja how $12 million was exchanged in cash transactions at SunTrust Bank within 10 days.

Ciroma gave the narration on Thursday while being led in evidence by Ekele Iheanacho, counsel to EFCC, in the ongoing trial involving Halima Buba, the managing director and chief executive officer (CEO) of SunTrust Bank, and Innocent Mbagwu, the bank’s executive director and chief compliance officer.

 

Ciroma, a businessman and former bureau de change (BDC) operator, confirmed knowing Buba and identified her in court but noted that he had never met Mbagwu in person—only spoken to him by phone.

 

He submitted a bundle of documents as evidence, detailing how the $12 million was paid out at different branches of SunTrust Bank in Abuja and Lagos between March 10 and March 20.

 

He said the transaction began when Aisha Achimugu, a businesswoman, contacted him about conducting a forex exchange through the bank.

 

Ciroma said he called Buba, who confirmed she was aware of the arrangement.

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On the same day, the witness said a man named Iliya contacted him from the bank’s Abuja branch and said $1 million in cash was ready for collection.

 

Ciroma said he sent an associate, Tijjani Adamu, to collect the money on behalf of Ashrap Ltd, a company owned by his friend, Hassan Dantani.

 

He added that on the same day, one Abdulkadir Mohammed picked up another $1 million, while a man identified as Kabiru collected $2 million—also in cash.

 

Ciroma told the court that the $12 million was converted and credited in tranches to Oceangate Energy Oil & Gas, a company he said is owned by Achimugu, through its Zenith Bank account.

 

According to him, he made a profit of N15 million from the entire transaction.

 

When asked about the purpose of the transaction, Ciroma said Achimugu told him she needed the funds to purchase an oil block.

 

He further testified that Buba coordinated the Abuja transactions while Mbagwu handled those in Lagos.

 

The EFCC lawyer also tendered WhatsApp chats between Ciroma and Buba, along with a certificate of identification.

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Although Johnson Usman and M.S. Ibrahim, defence lawyers, objected to the admissibility of the documents, they deferred their arguments to the final written address.

 

Emeka Nwite, the presiding judge, admitted the evidence and marked it as exhibit P1, then adjourned the trial to July 18 for continuation.

 

The EFCC is prosecuting Buba and Mbagwu on a six-count charge bordering on money laundering to the tune of $12 million.

The anti-graft agency alleged that Buba and Mbagwu facilitated the illegal cash movement of millions of dollars on different occasions without routing the transactions through any financial institution, in violation of Nigeria’s anti-money laundering laws.

The bank executives pleaded not guilty and met their bail conditions.

 

THE GENESIS

Insiders told TheCable that the EFCC, in April 2025, directed SunTrust Bank to transfer over N11 billion belonging to one of its customers, Felak Concept Group Ltd.—linked to Aisha Achimugu—to its recovery account domiciled with the Central Bank of Nigeria (CBN).

 

One of the insiders in the know of the proceedings said the executives requested a valid court order to authorise the transfer, citing fiduciary responsibilities.

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The EFCC was said to have failed to produce any court order; instead, it allegedly disrupted the bank’s operations nationwide and detained Buba.

According to repors, following the EFFC’s action, the bank executives filed a fundamental rights enforcement suit, asserting that the commission’s actions violated their constitutional rights and those of the financial institution’s staff.

 

The bank eventually transferred the N11 billion under “coercion and threat” before Buba was released from detention.

 

Achimugu had filed a fundamental rights suit (FHC/CS/ABJ/626/2025) against the EFCC, alleging harassment and intimidation over what “she claims were legitimate business transactions.”

 

The bank executives also initiated a separate suit (FHC/ABJ/CS/802/2025), seeking judicial protection from “threats, attempted arrests, and coercion” by the commission.

⁠Felak Concept Group also brought a suit (FHC/CS/856/2025) against the EFCC, SunTrust Bank, and the CBN, disputing the legality of debiting its account without a valid court order and requesting a refund.

Although the bank executives have withdrawn their rights enforcement suit, the Felak and Achimugu cases remain active, with hearings scheduled for July 17 and July 25, respectively.

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Tinubu, governors present as Bello Matawalle’s 10 children wed in Abuja

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President Bola Tinubu,  President Carlos Manuel Vila Nova of the Democratic Republic of São Tomé and Príncipe and several governors were among the dignitaries who attended the wedding of the children of Bello Matawalle, minister of state for defence.

Matawalle celebrated the weddings of his ten children, five daughters and five sons, at the National Mosque, Abuja, on Friday.

The minister gave away his daughters—Maryam, Safiyya, Farida, Nana Firdausi, and Aisha—while his sons—Ibrahim, Abdul Jalal, Surajo, Bello, and Fahad—also tied the knot.

The Islamic ceremony was officiated by Imam Luqman Zakariyah, who prayed for Allah’s blessings on the marriages and for success in the couples’ future lives.

Tinubu received the brides on behalf of the Matawalle family, welcoming them into their new homes.

The high-profile wedding attracted the crème de la crème of Nigerian politics.

Notable dignitaries in attendance included Deputy Senate President Barau Jibrin and Ibrahim Masari, Senior Special Assistant on Political Affairs.

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Several governors were also present, including Ahmad Aliyu of Sokoto, Umar Namadi of Jigawa, and Nasir Idris of Kebbi.

In a post via X, Matawalle expressed his deep gratitude to Tinubu and Vila Nova for attending the ceremony, describing their presence as a rare and honourable privilege.

He further appreciated all dignitaries, family, friends, and well-wishers who joined physically or in prayers, wishing them safe journeys back to their destinations.

“Today, I am deeply honoured and profoundly grateful to His Excellency, President Bola Ahmed Tinubu, GCFR, for graciously serving as Wali at the wedding Fātiḥa of my children, held at the National Mosque, Abuja. I remain sincerely honoured by this rare privilege,” he wrote.”

“In addition, the presence of the President of the Democratic Republic of São Tomé and Príncipe, His Excellency President Carlos Vila Nova, added immense meaning to this joyous occasion, and I deeply appreciated it.

“I also wish to extend my heartfelt appreciation to everyone who joined us physically and in prayers to share in our joy. Your presence, prayers, and goodwill are truly cherished and deeply appreciated.

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“To my esteemed colleagues in the Federal Executive Council, Governors, members of the National Assembly, friends, family members, and well-wishers from across the nation, I am eternally grateful for the overwhelming love and kindness shown to me and my family.

“I also pray that Allah rewards abundantly all those who travelled from far and near to celebrate with us, and I ask Allah to grant you a safe and peaceful journey back to your respective destinations.”

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APC is my natural home, says Iyabo Obasanjo

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Iyabo Obasanjo, daughter of ex-President Olusegun Obasanjo, has confirmed her membership in the All Progressives Congress (APC) in Ogun state.

Iyabo spoke on Saturday during an interactive programme on Eagle7 Sports Radio 103.7 FM, anchored by Segun Odegbami.

Explaining her return to politics, Iyabo said the decision was driven by sustained pressure from supporters.

“Like I told you, a group of people who I did not bring together, I did not form them into a group, have been working, I think, for two years now,” she said.

“And then they started talking to me about a year ago, saying, ‘Look, we think you are the best candidate. We want you back.’”

She said she could not return to the Peoples Democratic Party (PDP), where she previously contested elections, citing internal crises.

“I could not go back to the PDP because of all kinds of turmoil,” she said.

Iyabo disclosed that she also considered the African Democratic Congress (ADC), but said the party was not yet fully organised.

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“The ADC was another option, but they don’t have their ducks in a row yet; they’re still working on it,” she said.

According to her, those who encouraged her return to politics are now members of the APC, a factor that influenced her decision after wide consultations.

“So, I think APC is my natural home. I don’t have any animosity towards any individual or any group within the APC,” she said.

“I feel more comfortable with all the actors I know within the APC… I feel more comfortable, actually, than with some of the actors I know in the PDP, and some of them are now in the ADC.

“So I think it’s my natural home. I feel quite confident and happy to have made that decision.

“I have an absolute 100% feeling it’s my natural home.”

Iyabo represented the Ogun central senatorial district between 2007 and 2011. She lost her re-election bid in 2011 to Gbenga Obadara of the then Action Congress of Nigeria (ACN).

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She later relocated to the United States, where she pursued an academic career and rose to the rank of professor. She is also a former commissioner for health in Ogun.

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Nigerian jailed eight years for $6m scam in US

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MAN JAILED FOR LIFE

A United States court has sentenced one Tochukwu Albert Nnebocha, a Nigerian national, to 97 months’ imprisonment for participating in a transnational inheritance fraud scheme that targeted elderly and vulnerable Americans.

According to a statement published on the US Department of Justice website on Friday, “a Nigerian National was sentenced today to more than eight years in prison for participating in a years-long conspiracy to defraud elderly and vulnerable Americans through an inheritance fraud scheme.”

The DOJ stated that Nnebocha, who is 44 years old, and his co-conspirators “operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States” over a period exceeding seven years.

The statement read, “According to court documents, Tochukwu Albert Nnebocha, 44, of Nigeria, and his co-conspirators operated a lucrative transnational inheritance fraud scheme that exploited vulnerable people in the United States.

“Over the course of more than seven years, Nnebocha and his co-conspirators sent hundreds of thousands of personalized letters to elderly individuals in the United States, falsely claiming that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left by a deceased family member.”

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According to the US DOJ, victims were subsequently instructed to pay various fees before accessing the fictitious inheritance.


“The conspirators then told the victims that, before they could receive their purported inheritance, they were required to send money for purported delivery fees, taxes, and payments regarding the inheritance. In total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million,” the statement read,

The DOJ added that “in total, the defendant and his co-conspirators defrauded over 400 U.S. victims of more than $6 million.”

The statement disclosed that Nnebocha was arrested in Poland in April 2025 and extradited to the United States in September 2025.

He later pleaded guilty in November 2025 to conspiracy to commit mail fraud and wire fraud.

At sentencing, the court ordered 97 months’ imprisonment, three years of supervised release and restitution exceeding $6.8m to victims.

The department noted that “this is the second indicted case related to this international fraud scheme,” adding that eight co-conspirators from the United Kingdom, Spain, Portugal and Nigeria had previously been convicted and sentenced.

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The case was investigated by the US Postal Inspection Service and Homeland Security Investigations, with assistance from the Federal Bureau of Investigation’s Legal Attache in Poland, INTERPOL, Polish authorities, the US Attorney’s Office for the Southern District of Florida, and the DOJ’s Office of International Affairs.

Senior Trial Attorney Phil Toomajian and Trial Attorney Joshua D. Rothman of the Criminal Division’s Fraud Section are prosecuting the case, according to the statement.

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