A witness for the Economic and Financial Crimes Commission (EFCC), Mr. Suleiman Ciroma, testified on Thursday before the Federal High Court in Abuja, detailing how $12 million was exchanged over a 10-day period within SunTrust Bank Plc.
Testifying before Justice Emeka Nwite, Ciroma told the court that the transactions were carried out under the supervision of Halima Buba, the Managing Director/CEO of the bank, and Innocent Mbagwu, the Executive Director/Chief Compliance Officer.
According to the EFCC, Buba and Mbagwu are being prosecuted on a six-count charge bordering on alleged money laundering involving high-volume cash swaps that bypassed formal financial channels. The case, brought under the Money Laundering (Prevention and Prohibition) Act, 2022, could result in severe penalties if proven.
During cross-examination by EFCC counsel, Ekele Iheanacho, SAN, Ciroma — a travel consultant and former Bureau De Change operator — said the transactions began on March 10 after he was contacted by oil businesswoman Aisha Achimugu about conducting foreign exchange deals through the bank.
Ciroma explained that Achimugu intended to facilitate dollar inflows into her company, Oceangate Energy Oil & Gas, as part of plans to purchase an oil block. According to his testimony, multiple individuals, including Hassan Dantani of Ashrap Ltd and Tijjani Adamu, were involved in collecting physical cash from bank branches in Abuja and Lagos.
The court heard that $1 million in cash was picked up on the same day from an Abuja branch, with several other tranches — including $2 million handed to an individual named Kabiru — following shortly after. In total, the $12 million was processed over 10 days, and Ciroma claimed he earned a profit of ₦15 million from facilitating the swap.
The EFCC witness submitted bundles of supporting documents, including WhatsApp chats with Buba and a certificate of identification. Despite objections from the defense counsel, Justice Nwite admitted the documents as evidence (Exhibit P1) and adjourned the trial to July 18.
, Mr. Suleiman Ciroma, testified on Thursday before the....){kind=link}