A bureau de change operator on Thursday testified before the Federal High Court in Abuja, outlining how multi-million-dollar foreign exchange transactions allegedly facilitated by senior SunTrust Bank officials were routed through him.
The witness, appearing as the first prosecution witness (PW1), gave his account in the trial of SunTrust Bank Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, who are facing a six-count charge of money laundering totalling $12 million.
Prosecuted by the Economic and Financial Crimes Commission (EFCC), the case involves multiple cash transactions linked to Aisha Achimugu, identified as the first defendant, and her company, Ocean Gate Energy Oil and Gas.
Led in evidence by EFCC counsel Ekele Iheanacho, SAN, the witness said Achimugu contacted him in March 2025 to facilitate foreign exchange transactions at SunTrust Bank branches in Abuja and Lagos. He confirmed with Buba before proceeding.
On March 13, the witness said a staff member of Achimugu delivered $1 million to the Abuja branch for conversion, with the proceeds paid into Ocean Gate Energy’s Zenith Bank account. He claimed all transactions were verified with Buba via WhatsApp.
He testified that additional transactions followed, including $2 million reportedly received from Mbagwu on March 13, another $2 million on March 14, and a further $2 million on March 20. These cash swap arrangements were also confirmed with Buba.
A final tranche of $2 million was allegedly collected on March 24. The funds were later transferred in tranches into Ocean Gate Energy’s Zenith Bank account to support the purchase of an oil block, according to the witness.
He also stated that Achimugu conducted further Naira-to-dollar exchange deals, with Naira credited to local accounts and dollar equivalents sent to Ocean Gate Energy, again with confirmation from Buba.
The witness submitted screenshots of WhatsApp chats, including exchanges between himself and Mbagwu, who initially denied knowledge of the transactions.
The trial continues as the EFCC presents its case against the bank executives.
