Aisha Achimugu’s alleged $12m laundering detailed in court by prosecution witness
By Jeph Ajobaju, Chief Copy Editor
A court on Thursday heard from SunTrust Bank Chief Compliance Officer Innocent Mbagwu how multi-million-dollar cash transactions allegedly conducted by socialite and businesswoman Aisha Achimugu were routed through him for transfers.
Mbagwu, prosecution witness (PW1) in the trial of SunTrust Bank Managing Director, Halima Buba, and Mbagwu testified at the Federal High Court, Abuja in the $12 million laundering case filed against them and Achimugu by the Economic and Financial Crimes Commission (EFCC).
Led in evidence by prosecuting counsel, Ekele Iheanacho SAN, the witness, who is also a bureau de change (BDC) operator, described multiple foreign exchange transactions involving Achimugu and himself.
“Sometime in March 2025, I received a call from Aisha Achimugu that she had some forex [foreign exchange] transactions at SunTrust Bank branches in Abuja and Lagos. I called the first defendant, and she confirmed her knowledge of the transactions,” Mbagwu recounted.
He said on 13 March 2025, Achimugu’s employee, Iliya, visited SunTrust Bank Abuja for a $1 million cash swap, to be paid into Ocean Gate Energy Oil and Gas’ Zenith Bank account, and that he confirmed the transaction with the first defendant before arranging for the collection of the cash through intermediaries.
“Aisha told me she needed dollar inflows into her Ocean Gate Energy account to purchase an oil block. I got to know her in 2021 through the first defendant, and we met at SunTrust Bank.”
Mbagwu added that the first defendant communicated transaction confirmations through WhatsApp, including screenshots of chats with the second defendant when he initially denied knowledge of the transactions.
“On March 13, 2025, Muktar Miko received a $2 million cash payment from the second defendant. Another $2 million was received on March 14, while on March 20, an additional $2 million was collected for cash swap transactions, all confirmed with the first defendant.”
He also told the court that:
- On 24 March 2025, another $2 million was collected, with subsequent dollar inflows transferred in tranches into Ocean Gate Energy Oil and Gas’ Zenith Bank account after the swaps were completed.
- Aside from the oil block purchase, Achimugu conducted further naira-to-dollar exchange transactions, which he regularly confirmed with the first defendant, with naira credited to local accounts and dollar equivalents transferred to Ocean Gate Energy.
The hearing continues as the EFCC seeks to establish its case in the multi-million-dollar money laundering trial.
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