Halima Buba Innocent Mbagwu money laundering trial reveals \$12m cash swap to Aisha Achimugu’s accounts, EFCC presses six-count charges in court

The Halima Buba Innocent Mbagwu money laundering case continued on Friday, July 18, 2025, as the first prosecution witness, PW1, testified before Justice Emeka Nwite of the Federal High Court, Abuja.

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PW1 told the court that he received \$12 million in cash swaps for onward transfer to Aisha Achimugu’s bank accounts. Achimugu, who owns Ocean Gate Energy Oil and Gas, maintains accounts with Zenith Bank Plc.

Led in evidence by EFCC counsel Rotimi Oyedepo, SAN, the witness said, “Between March 10 and 24, 2025, I received \$12 million from Aisha Achimugu at Abuja and Lagos branches of SunTrust Bank. None of the money went through my account, even though I have naira and dollar accounts there.”

He also said Achimugu later gave him an additional \$1.8 million for naira conversion in tranches. “I only found out about her arrest through social media, which I forwarded to the first defendant,” he added.

During cross-examination, defence counsel Johnson Usman, SAN, attempted to tender several documents, including extra-judicial statements and EFCC letters. However, Oyedepo objected, arguing the documents were not certified by the proper authority.

“My lord, these documents must comply with Section 104 of the Evidence Act. They lack officer names, designation, and evidence of fee payment,” Oyedepo stated.

He added that turning the court into a forensic lab was not acceptable. “Only EFCC officers in custody of the originals can certify these materials,” he concluded.

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

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The EFCC is prosecuting Halima Buba and Innocent Mbagwu, Managing Director/Chief Executive and Chief Compliance Officer of SunTrust Bank Ltd, respectively, on a six-count charge of laundering \$12 million.