A witness of the Economic and Financial Crimes Commission (EFCC), Mr. Suleiman Ciroma, on Thursday told the Federal High Court in Abuja how \$12 million in cash was swapped through SunTrust Bank within just 10 days.
Ciroma, who took the stand before Justice Emeka Nwite, testified in the ongoing money laundering trial of Halima Buba, Managing Director of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer. The duo is facing a six-count charge related to money laundering involving high-volume cash transactions allegedly not routed through the proper banking system.
They were arraigned by the EFCC on June 13 and both pleaded not guilty. They were granted bail in the sum of ₦100 million each, with one surety apiece.
Led in evidence by EFCC counsel, Ekele Iheanacho, SAN, Ciroma — a former Bureau De Change operator — narrated how the transactions began on March 10, following a call from oil businesswoman Aisha Achimugu. She allegedly told him she wanted to carry out dollar transactions with the bank in connection with plans to buy an oil block.
“I called Halima Buba, and she confirmed she was aware of the transaction,” Ciroma told the court. He said a man named Iliya contacted him that same day from the bank’s Abuja branch, informing him that \$1 million cash was ready for payment, which would be credited into Achimugu’s company account, Oceangate Energy Oil & Gas, at Zenith Bank.
He explained how different people collected various sums from the bank — another \$1 million by Abdulkadir Mohammed, and \$2 million by a man identified as Kabiru — all within a span of 10 days. According to him, the transactions took place in both Abuja and Lagos, with Buba overseeing the Abuja side, while Mbagwu handled the Lagos end.
Ciroma admitted he made a profit of ₦15 million from the transactions. He also tendered evidence including WhatsApp chats with Buba and a certificate of identification. Despite objections from the defense, the judge admitted the documents as Exhibit P1.
The EFCC alleged that the accused violated the Money Laundering (Prevention and Prohibition) Act, 2022, specifically Sections 21(a), 2(1), and 9(1)(d), which require large cash transactions to be processed through financial institutions.
Justice Nwite adjourned the case to July 18 for continuation of trial.