During proceedings, a witness for the Economic and Financial Crimes Commission (EFCC) narrated how Buba and Mbagwu facilitated a $12 million swap in 10 days for businesswoman Aisha Achimugu, without routing the funds through a financial institution.
The EFCC had, on June 13, 2025, arraigned Buba and Mbagwu before Justice Emeka Nwite on six counts bordering on money laundering to the tune of $12 million.
According to the charge sheet presented by the EFCC, the alleged offences contravened provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendants, however, pleaded not guilty and were granted bail in the sum of N100 million each, with one surety in like sum. At the resumed proceedings in the matter yesterday, the EFCC produced its first witness (PW-1), Suleiman Chiroma, who tendered in evidence a bundle of documents to support his testimony before the court.
The witness further narrated how the defendants facilitated the release of the $12 million at branches of the bank in Abuja and Lagos State, within 10 days.
Led in evidence by the prosecution counsel, Ekene Iheanacho (SAN), Chiroma, who identified himself as a businessman that once operated a Bureau de Change (BDC), told the court that the deal commenced on March 10, after he got a call from one Aisha Achimugu, who informed him that she had some forex transactions to carry out with the bank.
The witness told the court that he immediately called the 1st defendant, Buba, who confirmed that she was aware of the proposed transactions.
The PW-1 told the court that later on the same day, a man named Iliya called to notify him that he was at a branch of the bank in Abuja for payment of $1 million in cash as a swap to be paid to Achimugu through the account of a company, Oceangate Energy Oil & Gas, domiciled in Zenith Bank.
“I then contacted my friend, Hassan Dankali of Ashrap Ltd, who sent Tijjani Adamu for the collection of the cash payment,” the witness added. He told the court that on the same day, one Abdulkadir Mohammed collected another $1 million cash payment from a branch of the bank in Abuja, while another $2 million was also received by a man he identified as Kabiru.
The witness disclosed that the defendants helped to swap the $12 million cash payments into the account of Achimugu’s company, in tranches, between March 10 and March 20.
“In all the transactions, I made a profit of N15 million,” the witness added. Justice Nwite adjourned further hearing of the matter till July 18.
