Alleged money laundering:  ‘How  $12m cash was swapped at SunTrust Bank in 10 days’

A prosecution witness for the Economic and Financial Crimes Commission (EFCC) told the Federal High Court in Abuja on Thursday how $12 million was exchanged in cash transactions at SunTrust Bank over a 10-day period.

Mr. Suleiman Ciroma, who appeared as the first prosecution witness (PW-1), was led in evidence by EFCC counsel, Ekele Iheanacho, SAN, before Justice Emeka Nwite in the ongoing trial of SunTrust Bank’s Managing Director/CEO, Halima Buba.

Buba and her co-accused, Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, are facing trial on six counts of money laundering, amounting to $12 million. The EFCC alleges that they facilitated large cash transactions without passing them through formal banking processes, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

The two executives, who were arraigned on June 13, pleaded not guilty and were granted bail in the sum of ₦100 million each, with one surety apiece.

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Taking the stand, Ciroma introduced himself as a businessman and former Bureau De Change (BDC) operator.
“I have a travel agency,” he said.

He identified Buba in court and said he had communicated with Mbagwu over the phone, though they had never met in person. Ciroma submitted a set of documents as evidence, including WhatsApp chats and a certificate of identification.

He explained that between March 10 and March 20, SunTrust Bank facilitated cash payments totalling $12 million in both Abuja and Lagos, acting on instructions he received from oil dealer Aisha Achimugu.

According to him, the transactions began when Achimugu contacted him about converting large sums of foreign exchange.

“I then contacted my friend, Hassan Dantani of Ashrap Ltd, who sent Tijjani Adamu for the collection of the cash payment,” he said.

The first tranche of $1 million was picked up at a SunTrust branch in Abuja, to be paid into the Zenith Bank account of Achimugu’s company, Oceangate Energy Oil & Gas. That same day, Ciroma said Abdulkadir Mohammed collected another $1 million, while an individual named Kabiru received $2 million.

He told the court that Buba oversaw the transactions in Abuja, while Mbagwu coordinated those in Lagos.

“In all the transactions, I made a profit of N15 million,” he told the court.
When asked about the motive behind the cash movements, Ciroma said: “Aisha Achimugu told me that she wanted to buy an oil block and would need dollar inflow into Oceangate Energy Oil & Gas account.”

Although lawyers for both Buba and Mbagwu opposed the tendering of the documents, they opted to present their objections during their final addresses. Justice Nwite admitted the documents into evidence, marked as Exhibit P1.

The case was adjourned until July 18 for continuation of trial.