EFCC witness reveals $12 million cash-for-oil-block deal allegedly facilitated through SunTrust Bank; key executives in court

EFCC Witness: Achimugu Sought $12m Cash Deal via SunTrust Bank to Buy Oil Block

A prosecution witness in the ongoing trial of top executives of SunTrust Bank has told a Federal High Court in Abuja how $12 million was moved in cash through the bank within just 10 days—allegedly to help businesswoman Aisha Achimugu secure an oil block.

Suleiman Ciroma, a former bureau de change (BDC) operator and businessman, gave this account on Thursday while being led in evidence by EFCC counsel, Ekele Iheanacho, in the trial of Halima Buba, the Managing Director and CEO of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer.

According to Ciroma, the cash movement occurred between March 10 and March 20 across branches of SunTrust Bank in Lagos and Abuja. He submitted documents in court detailing the tranches of payments, all totaling $12 million.

“I was contacted by Aisha Achimugu to help with a forex exchange,” Ciroma testified. “I called Halima Buba, and she confirmed she was aware of the arrangement.”

On the same day the request was made, Ciroma said he was contacted by a bank staff member named Iliya from the Abuja branch, who informed him that $1 million in cash was ready for pickup. Ciroma said he then sent Tijjani Adamu to collect the funds on behalf of Ashrap Ltd., a company owned by his associate, Hassan Dantani.

“On that same day, another $1 million was collected by Abdulkadir Mohammed, and $2 million was picked up in cash by someone named Kabiru,” Ciroma added.

He further revealed that the funds were later converted and transferred in tranches to the Zenith Bank account of Oceangate Energy Oil & Gas Ltd., a company he claims is owned by Achimugu. Ciroma said he profited N15 million from the transaction.

When asked about the purpose of the transaction, Ciroma said: “Aisha told me she needed the money to buy an oil block.”

He also testified that while Buba coordinated the transactions in Abuja, Mbagwu handled those in Lagos.

WhatsApp conversations between Ciroma and Buba were tendered in court alongside a certificate of identification. Although defence counsels—Johnson Usman and M.S. Ibrahim—objected to the admissibility of the documents, they deferred their arguments until their final written address.

Presiding Judge Emeka Nwite admitted the evidence as Exhibit P1 and adjourned the trial to July 18 for continuation.

The EFCC is prosecuting Buba and Mbagwu on a six-count charge of money laundering involving $12 million. The anti-graft agency alleges that the duo facilitated the illegal cash movement in breach of Nigeria’s anti-money laundering laws, as the transactions were not routed through proper banking channels.

Both bank executives pleaded not guilty and have met their bail conditions.

Meanwhile, the EFCC is also enmeshed in a related controversy involving the transfer of N11 billion belonging to Felak Concept Group Ltd.—a company linked to Achimugu—from its account at SunTrust Bank to the anti-graft agency’s recovery account at the Central Bank of Nigeria (CBN).

Insiders say the EFCC failed to produce a valid court order before demanding the transfer and allegedly disrupted bank operations nationwide while detaining Buba. The bank eventually complied “under coercion and threat,” after which Buba was released.

Following these events, Achimugu filed a fundamental rights suit (FHC/CS/ABJ/626/2025) against the EFCC, citing harassment and intimidation over what she maintains were “legitimate business transactions.”

The bank’s executives also filed a separate rights enforcement case (FHC/ABJ/CS/802/2025), seeking protection from what they described as “threats, attempted arrests, and coercion” by the EFCC. Although that suit has now been withdrawn, another case (FHC/CS/856/2025) filed by Felak Concept Group Ltd. remains active, challenging the legality of the N11 billion debit and requesting a refund.

Hearings in the Achimugu and Felak cases are scheduled for July 17 and July 25, respectively. Read More