Aisha Achimugu, Bank MD, and Compliance Officer Implicated in Alleged $12 Million Money Laundering Scandal

The trial of SunTrust Bank Managing Director, Halima Buba, and the Chief Compliance Officer, Innocent Mbagwu, took a critical turn on Thursday, July 17, 2025, as the first prosecution witness (PW1) provided comprehensive testimony before Justice Emeka Nwite at the Federal High Court, Abuja.

Both bank executives are currently facing a six-count charge for money laundering, with allegations surrounding the unlawful movement of $12 million, as prosecuted by the Economic and Financial Crimes Commission (EFCC).

Details of Foreign Exchange Deals Uncovered in Court

During the court session, the prosecution witness, identified as a bureau de change operator, narrated the complex foreign exchange transactions that allegedly linked him with the first defendant, Aisha Achimugu, and the implicated bank officials.

Under cross-examination led by the prosecuting counsel, Ekele Iheanacho, SAN, the witness disclosed:

“In March 2025, Aisha Achimugu reached out to inform me about certain foreign exchange transactions being executed through SunTrust Bank branches in Abuja and Lagos. I subsequently contacted the first defendant, who verified her awareness and involvement in these transactions.”

The witness testified that on March 13, 2025, a representative of Achimugu, identified as Iliya, approached SunTrust Bank in Abuja to execute a $1 million cash swap. The funds were intended to be deposited into the Zenith Bank account of Ocean Gate Energy Oil and Gas. The transaction was authenticated with the first defendant, after which cash collection was coordinated via intermediaries.

Purpose of Transactions: Oil Block Acquisition

Further insights from the witness revealed:

“Aisha informed me that she needed dollar inflows into her Ocean Gate Energy account to facilitate the purchase of an oil block. I became acquainted with her in 2021, courtesy of the first defendant, and our initial meeting occurred at SunTrust Bank.”

The witness added that transaction confirmations and related communications were shared via WhatsApp, including evidence of conversations between the first and second defendants. Screenshots of these chats were reportedly provided, especially when the Chief Compliance Officer initially refuted any knowledge of the transactions.

Breakdown of Cash Transactions

He further detailed the sequence of cash collections:

• March 13, 2025: $2 million received by Muktar Miko from the second defendant.
• March 14, 2025: Another $2 million cash received.
• March 20, 2025: An additional $2 million collected.
• March 24, 2025: A further $2 million received, totaling $8 million in successive tranches.

These dollar inflows were subsequently converted through swaps and credited to the Ocean Gate Energy Oil and Gas account at Zenith Bank.

Additional Naira-to-Dollar Transactions

Beyond the oil block purchase, Achimugu reportedly conducted multiple Naira-to-dollar exchange transactions. The witness confirmed that all these deals were validated with the first defendant, with naira sums paid into local accounts and the dollar equivalents wired to Ocean Gate Energy.

Current Status of the Case

The case remains ongoing as the EFCC continues to present evidence in its bid to substantiate the $12 million money laundering allegations. The outcome of this high-profile trial could have far-reaching implications for Nigeria’s financial regulatory space.

For the official statement from the EFCC on related money laundering cases, refer to their official portal.