Inside the $12 Million Oil Deal: How SunTrust Bank Executives Were Linked to Suspicious Forex Transactions

An elite network of foreign exchange transactions said to be coordinated by senior managers in SunTrust Bank has been under the spotlight in a sensational money laundering trial. The focal point of controversy is a whopping $12 million, which is said to have been funneled into clandestine transactions involving an oil deal, and the Economic and Financial Crimes Commission (EFCC) has made serious allegations against the bank’s top managers.

The trial has produced a prosecution witness, a bureau de change operator, who the Federal High Court in Abuja led into court and discovered how SunTrust Bank Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, facilitated large cash transactions on Aisha Achimugu’s behalf.

From his testimony, the transactions started in March 2025 when Achimugu called to make dollar swap requests for the acquisition of an oil block. According to the witness, he got direct instruction from Buba prior to each cash pick-up. He explained that once he picked up two different $1 million cash payments with full knowledge and coordination of Buba, through agents of companies like Ashrof Energy and Triple A.

More money trailed. Between March 13 and 24, the witness claimed to have set up various cash collections in the range of $1 million to $2 million, all to Achimugu’s business account, Ocean Gate Energy Oil and Gas, at Zenith Bank. The WhatsApp conversation between him and Buba, confirming the transactions, have been presented as evidence by the EFCC.

The EFCC also alleged that when Mbagwu initially had refused to participate, Buba sent her a snapshot of the exchange, which led to his final compliance in facilitating the transactions.

Aside from dollar swaps, the witness added Achimugu always performed naira-to-dollar conversion once again based on SunTrust Bank’s in-house agreement. She would transfer naira into opening accounts, and the equivalent in dollars would be paid into her Zenith Bank account upon Buba’s confirmation.

The court took WhatsApp messages and a certificate of identification confirming the messages as evidence. The EFCC contends that these deals contravened anti-money laundering laws in flagrant disregard, both due to the amount and nature of cash flows and because of the direct involvement of top bank officials.

The trial resumes on Friday, July 18, 2025, as more secrets are likely to be unraveled in what has so far been one of the most contentious cases involving banking chiefs in recent history.