THE INSIDER: Intrigues between EFCC and SunTrust Bank over an N11bn ‘recovery’ without court order

The curious story of the ongoing legal dispute involving Halima Buba, the managing director of SunTrust Bank, and Innocent Mbagwu, the bank’s executive director, is gradually unfolding.

Insiders told TheCable that the Economic and Financial Crimes Commission (EFCC), in April 2025, directed SunTrust Bank to transfer over ₦11 billion belonging to one of its customers, Felak Concept Group Ltd — linked to Aisha Achimugu — to its recovery account domiciled with Central Bank of Nigeria (CBN).

One of the insiders in the know of the proceedings said the executives requested a valid court order to authorise the transfer, citing fiduciary responsibilities.

“The EFCC, however, did not produce such an order,” the source said.

“Instead, the commission disrupted the bank’s operations nationwide and detained Buba.”

TheCable learnt that following the EFFC’s action, 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.

The bank, according to the insider, eventually transferred the N11 billion under “coercion and threat” before Buba was released from detention.

“Shortly thereafter, the EFCC filed criminal charges against the same executives, who had initially resisted the directive in the absence of a court order,” another insider said.

Buba and Mbagwu, sources said, have maintained that all foreign exchange (FX) transactions cited by the EFCC were conducted through a CBN-licensed bureau de change “with regulatory guidelines”.

TheCable was told that Buba was reportedly outside the country at the time of the transactions, with Mbagwu acting based on the customer’s documented instructions — a procedure that is said to be consistent with industry practices.

“As of now, no evidence has been presented publicly by the EFCC or any regulatory agency indicating that either executive personally benefited from the transactions or participated in willful money laundering,” the insider said.

When contacted, the EFCC declined to comment on the dispute, stating that the matter is still in court.

A SLEW OF COURT CASES

In June 2025, the EFCC arraigned the two executives before a federal high court in Abuja on allegations of aiding cash transactions that were allegedly not routed through a financial institution, in contravention of the Money Laundering (Prevention and Prohibition) Act of 2022.

The transactions in question reportedly involved $12 million linked to the account of Achimugu, the chief executive officer (CEO) of Felak Concept Group Ltd.

According to court documents, the EFCC claims the executives “aided” cash transactions and conspired to bypass reporting obligations.

The executives have since pleaded not guilty and met their bail conditions.

Achimugu had filed a fundamental rights suit (FHC/CS/ABJ/626/2025) against the EFCC, alleging harassment and intimidation over what “she claims were legitimate business transactions”.

The bank executives also initiated a separate suit (FHC/ABJ/CS/802/2025), seeking judicial protection from “threats, attempted arrests, and coercion” by the commission.

⁠Felak Concept Group also brought a suit (FHC/CS/856/2025) against the EFCC, SunTrust Bank, and the CBN, disputing the legality of debiting its account without a valid court order and requesting a refund.

Although the executives have withdrawn their rights enforcement suit, Felak and Achimugu cases remain active, with hearings scheduled for July 17 and July 25, respectively.