SunTrust Bank MD Halima Buba Faces Trial Over $12m Forex Deals Linked to Aisha Achimugu
By Erewunmi Peace
The Managing Director of SunTrust Bank, Halima Buba, is facing trial at the Federal High Court, Abuja, after being accused of facilitating multi-million-dollar foreign exchange transactions allegedly linked to Nigerian businesswoman Aisha Achimugu.
According to the Economic and Financial Crimes Commission (EFCC), the transactions—valued at about $12 million (approximately ₦11 billion)—were conducted outside the proper banking channels in violation of Nigeria’s anti-money laundering laws.
A prosecution witness, a former Bureau de Change operator, testified that he received a call from Achimugu in March 2025 to arrange the swaps through SunTrust Bank’s Lagos and Abuja branches. The witness further alleged that the cash, delivered in several tranches, was later transferred into the Zenith Bank account of Oceangate Energy Oil & Gas Ltd, a company linked to Achimugu.
The court admitted documents and WhatsApp chat records said to show direct communication between SunTrust Bank executives and intermediaries coordinating the cash pickups. The EFCC insists these were suspicious, high-value transactions that bypassed regulatory oversight.
Halima Buba and other SunTrust Bank officials, including the bank’s Chief Compliance Officer, Innocent Mbagwu, have denied any wrongdoing. Her legal team has also filed a fundamental rights suit, accusing the EFCC of unlawful detention and coercion.
Buba’s counsel maintains that the transactions were legitimate and within the framework of bureau de change operations, questioning whether the EFCC itself followed due process in handling the matter.
The case has stirred fresh debate over Nigeria’s foreign exchange market, the role of banks in high-value transactions, and the limits of EFCC’s powers. Legal experts say the trial could set a precedent for how regulatory agencies handle cash-based forex dealings in the country.
The trial is ongoing at the Federal High Court in Abuja. NARD has suspended its five-day warning strike, but all eyes are now on whether the court will uphold the EFCC’s allegations or side with the defense’s claim of regulatory overreach.
