Daniel Otera
A bureau de change (BDC) operator, Suleiman Ciroma, has detailed how he allegedly received millions of dollars in raw cash without bank transfers in a suspicious foreign exchange operation linked to two top SunTrust Bank executives now standing trial for money laundering.
Ciroma testified before the Federal High Court in Abuja on Friday, naming Halima Buba, the Managing Director/CEO of SunTrust Bank, and Innocent Mbagwu, the Chief Compliance Officer, as facilitators of the transactions. The Economic and Financial Crimes Commission (EFCC) is prosecuting both officials on a six-count charge of laundering illicit funds and violating Nigeria’s anti-money laundering laws.
According to the EFCC, the duo allegedly enabled separate cash payments totalling $6 million in March 2025 carried out in both Lagos and Abuja without routing the funds through any financial institution, a violation of the Money Laundering (Prohibition) Act, 2022.
Testifying as the EFCC’s first prosecution witness, Mr Ciroma said the cash was handed to him for onward conversion into naira on behalf of Aisha Achimugu, a businesswoman and socialite who is also under EFCC investigation for alleged Ponzi scheme operations and money laundering.
“I acted as an intermediary,” he told Justice Emeka Nwite. “I received the cash in tranches from Madam Aisha between 10 and 24 March at both the Abuja and Lagos branches of SunTrust Bank. In total, she gave me $1.8 million to convert into naira.”
Under cross-examination by Halima Buba’s counsel, Johnson Usman (SAN), Ciroma added: “The money was given to me in cash. I didn’t transfer or receive it through my BDC accounts.”
Friday’s proceedings also featured a legal clash over the admissibility of key documents presented by the defence. Mr Usman attempted to tender a set of records including the original EFCC charge sheet, extra-judicial statements, and official correspondence.
EFCC’s lead counsel, Rotimi Oyedepo (SAN), objected, arguing that the documents failed to meet statutory certification standards.
“Pages 32 to 83 contain extra-judicial statements, which are inadmissible unless all the conditions of Section 232 of the Evidence Act are met,” Mr Oyedepo said. He added that other documents, particularly those from pages 84 to 181, “lack certification signatures, names of certifying officers, and payment evidence, as required under Section 104 of the Evidence Act, 2011 (as amended).”
He cautioned: “This court cannot be invited to act as a forensic examiner.”
In response, Mr Usman countered that the certification was sufficient. “Section 104(1) is clear. Certification by the registrar with proof of payment is enough,” he said, adding: “The document we seek to tender is a single charge with annexures not fragmented exhibits.”
He also referenced a 2007 Supreme Court ruling, arguing that “once a principal document is admissible, its attachments are automatically admissible.”
“The EFCC cannot blow hot and cold,” Mr Usman said. “The charge is theirs. What are they running from?”
The trial has renewed public scrutiny on Nigeria’s financial institutions and their role in enabling informal foreign exchange dealings. According to the EFCC’s 2024 Annual Report, foreign currency cash transactions accounted for more than 30% of high-value money laundering cases between 2022 and 2024.
The Money Laundering (Prohibition) Act, 2022 prohibits individuals from handling cash exceeding ₦5 million, or ₦10 million for corporate entities, without channeling it through a financial institution. Section 2 also mandates such transactions be reported to the Central Bank of Nigeria (CBN) and the Special Control Unit Against Money Laundering (SCUML).
Despite this, recent CBN Financial Stability Reports show that unrecorded cash-based FX transactions remain prevalent, particularly among politically exposed persons (PEPs) and high-net-worth individuals. Analysts warn that such loopholes pose “serious risks to national security and regulatory enforcement.”
Justice Emeka Nwite has adjourned the trial to 16 and 17 October 2025 for a ruling on the admissibility of the documents and further cross-examination of the witness.
As of the time of reporting, Ms Achimugu has not been formally charged, although her name appears in multiple EFCC petitions relating to an alleged Ponzi scheme reportedly involving more than 1,000 investors across Nigeria.