Aisha Achimugu, a businesswoman, allegedly sought a $12 million cash swap through SunTrust Bank to purchase an oil block. According to the Economic and Financial Crimes Commission’s (EFCC) witness, Suleiman Chiroma, Achimugu contacted him to facilitate the foreign exchange transaction, claiming she needed dollar inflow into Oceangate Energy Oil & Gas’ account to buy the oil block.
The $12 million cash swap occurred between March 10 and March 20, 2025. Halima Buba, the Managing Director of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director, allegedly facilitated the transactions. The cash payments were made in tranches, with $1 million collected in Abuja and additional amounts collected in Lagos, totaling $12 million. Chiroma claimed to have made a profit of N15 million from the transaction.
The EFCC has charged Buba and Mbagwu with money laundering, alleging they violated the Money Laundering (Prevention and Prohibition) Act, 2022. The transactions were allegedly conducted without proper routing through financial institutions.
During the trial, Chiroma testified about his interactions with Achimugu and the bank executives, providing evidence of WhatsApp chats and transactions. The defense lawyers objected to the admissibility of the evidence but reserved their arguments for the final address stage. The case highlights concerns about financial impropriety and money laundering in Nigeria’s banking sector.
