A tense legal dispute has erupted between SunTrust Bank and the Economic and Financial Crimes Commission over a contested ₦11 billion belonging to Felak Concept Group Ltd, a company linked to Aisha Achimugu.
Central to this saga are the bank’s Managing Director, Halima Buba, and Executive Director, Innocent Mbagwu, who have both challenged the EFCC’s actions in court.
According to insiders, in April 2025, the EFCC ordered SunTrust to transfer more than ₦11 billion from Achimugu’s account into the commission’s recovery account at the Central Bank of Nigeria.
“The executives requested a valid court order to authorise the transfer, citing fiduciary responsibilities,” one source said according to Cable.
“The EFCC, however, did not produce such an order. Instead, the commission disrupted the bank’s operations nationwide and detained Buba.”
In response, Buba and Mbagwu filed a fundamental rights enforcement suit, arguing that their detention and the EFCC’s interference violated both their own rights and those of SunTrust’s staff. Under what the bank describes as “coercion and threat,” the funds were eventually released to the EFCC before Buba was freed.
$12 Million Money Laundering Charges
In June 2025, the EFCC arraigned Buba and Mbagwu before Justice Emeka Nwite of the Federal High Court, Abuja, on a six‑count charge alleging money laundering to the tune of $12 million linked to the account of Achimugu, the chief executive officer (CEO) of Felak Concept Group Ltd.
Two of the charges read; “That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
“That you, HALIMA BUBA, the Managing Director/ChiefExecutive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2( 1 ), 19(1 )( d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
The EFCC alleges that the executives assisted in cash transfers and conspired to evade the mandatory reporting requirements. The duo were granted bail of N100 million each and remanded in prison custody pending the perfection of their bail conditions.
Achimugu fights back
However, Aisha Achimugu has filed a fundamental rights case (FHC/CS/ABJ/626/2025) against the EFCC, arguing that the commission’s actions amounted to harassment and intimidation over transactions she insists were legitimate.
Felak Concept Group also opened proceedings (FHC/CS/856/2025) against the EFCC, SunTrust Bank, and the CBN, challenging the legality of debiting its account without a valid court order and seeking the return of the disputed funds.
Separately, Halima Buba and Innocent Mbagwu also filed proceedings FHC/ABJ/CS/802/2025, asking the court to protect them from what they described as “threats, attempted arrests, and coercion” by the EFCC. They have since withdrawn this suit.
The article was originally published on Politics Nigeria.
