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.
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.
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.
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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