$12 Million Cash Received: Witness Shocks Nigerian Court Today

DDM News

A Federal High Court in Abuja heard explosive testimony on Friday, July 18, 2025, as a bureau de change operator confirmed receiving $12 million in cash allegedly linked to two senior bank executives.

Diaspora Digital Media (DDM) gathered that the Economic and Financial Crimes Commission (EFCC) is prosecuting Halima Buba and Innocent Mbagwu, the Managing Director/Chief Executive and Chief Compliance Officer of SunTrust Bank Limited, respectively.

Both defendants are standing trial before Justice Emeka Nwite on a six-count charge of money laundering involving a total sum of $12 million.

Testifying as the First Prosecution Witness (PW1), the bureau de change operator revealed that between March 10 and March 24, 2025, he collected $12 million in cash from Aisha Achimugu, the owner of Ocean Gate Energy Oil and Gas.

He stated that the cash transactions took place at both the Abuja and Lagos branches of SunTrust Bank.

According to the witness, although he maintains both naira and dollar accounts with SunTrust Bank, none of the funds went through his account.

Instead, the money was received in cash for onward transfer to bank accounts allegedly belonging to Aisha Achimugu.

Ocean Gate Energy’s accounts are domiciled with Zenith Bank Plc, and the transactions raised suspicion within anti-graft agencies.

The witness told the court that he had previously received an additional $1.8 million in tranches from Aisha Achimugu for currency conversion purposes.

He also disclosed that he became aware of Achimugu’s arrest through social media and even forwarded the news to the first defendant, Halima Buba.

Lead prosecution counsel, Rotimi Oyedepo, SAN, conducted the examination-in-chief.

However, during cross-examination, defence counsel Johnson Usman, SAN, sought to tender a set of documents including charge sheets, extra-judicial statements, and bank correspondence from SunTrust and EFCC.

His move was challenged by the prosecution.

Oyedepo argued that the documents could not be admitted because they lacked proper certification as required by law.

He insisted that documents from Pages 10 to 12, and 13 to 31, which include bank account statements and letters to EFCC, must be certified by an EFCC officer in custody of the originals.

He further pointed out that pages 32 to 83, which contain extra-judicial statements of the defendants and witnesses, can only be admitted in compliance with Section 232 of the Evidence Act.

He stressed that the documents lacked the official stamp, officer’s name, designation, and evidence of fee payment required under Section 104 of the Act.

Oyedepo urged the court not to act as a forensic verifier and called on the defence to do the “needful” by submitting certified true copies.

Justice Emeka Nwite, after hearing both sides, adjourned the matter until October 16 and 17, 2025, for a ruling on the admissibility of the exhibits and continuation of the cross-examination.

This high-profile trial has drawn public attention due to the involvement of top bank executives and the staggering volume of cash allegedly moved without formal documentation.

The EFCC has reiterated its commitment to prosecuting financial crimes, particularly those involving institutional actors within the banking sector.

👇👇👇

Follow DDM’s official WhatsApp Channel for real-time updates.

https://whatsapp.com/channel/0029Vajkwdc4dTnFHl19vW3g

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook