Exclusive! How Aisha Achimugu’s N11bn, Other Transactions Got Sun Trust Bank MD, Halima Buba Into Trouble

Unknown to many, the arraignment of the managing director of SunTrust Bank, Halima Buba and the bank’s executive director, Innocent Mbagwu by the Economic and Financial Crimes Commission (EFCC) is linked to the activities of the managing director of Felak Concept Group Limited, Aisha Achimugu.

An Impeccable source said that before the arrangement of Buba and Mbagwu, the EFCC had sometimes in April 2025, recovered ₦11 billion from the Sun Trust Bank, the money allegedly belong to one of its customers, Felak Concept Group Ltd — linked to Aisha Achimugu.

It was gathered that the money was paid to the EFCC’s recovery account domiciled with Central Bank of Nigeria (CBN).

“While trying to recover the said money, the EFCC laid seige to the bank, disrupted the bank’s operations nationwide and detained Buba” a dependable source said 

Following this development, the executives filed a fundamental rights enforcement suit, asserting that the commission’s actions violated their constitutional rights and those of the bank’s staff.

“After playing  hide and seek for somtime, the bank eventually transferred the N11 billion before Buba was released from detention.

“Shortly thereafter, the EFCC filed criminal charges against Buba and Mbagwu.

Recall that on Friday, June 13, 2025, the EFCC arraigned Halima Buba and Innocent Mbagwu for alleged $12 million fraud.

They were arraigned before Justice Emeka Nwite of the Federal High Court in Abuja.

The defendants face a six-count charge bordering on illegal cash transactions and conspiracy, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

According to the EFCC, Buba and Mbagwu allegedly facilitated the illegal transfer of $3 million in cash on March 10, 2025, in Abuja, to Suleiman Muhammed Chiroma and his associates.

This was contained in a press statement signed by Dele Oyewale, Head, Media and Publicity, EFCC.

The statement revealed that another $3 million transaction allegedly took place on March 13 in Lagos, directed to Mukhtar Miko, also linked to Chiroma—both transactions reportedly bypassed financial institutions, which is prohibited under Nigerian law.

The two bank executives pleaded not guilty to all charges.

EFCC lead prosecutor, Rotimi Oyedepo, SAN, expressed readiness to commence trial immediately and asked the court for an accelerated hearing. Defense counsel, J.J.

Usman, SAN, urged the court to grant bail based on a previous application filed on May 27.

However, the prosecution objected, calling the application “incompetent” since it was filed while the defendants were neither under arrest nor before the court.

Justice Nwite overruled the objection and granted each defendant bail in the sum of ₦100 million, with one surety each in like sum.

The sureties must own landed property in Abuja, submit all relevant documents to the court, and provide two passport photographs and their international passports.

The court will verify all submitted documents and addresses.

The judge ordered that both defendants be remanded in a correctional facility until their bail conditions are met and adjourned the case to July 17 and 18, 2025, for trial continuation.