Crime
‘How Aisha Achimugu sought $12m via SunTrust Bank to buy oil block’
A witness for the Economic and Financial Crimes Commission (EFCC) in the trial of Halima Buba and Innocent Mbagwu, on Thursday, July 17, 2025, told the Federal High Court sitting in Abuja how the defendants routed multi-million dollars in cash through him for transfers.
Both defendants, who are Managing Director/Chief Executive and Chief Compliance Officer of SunTrust Bank Limited, respectively, are being prosecuted by the EFCC on a six-count charge bordering on money laundering to the tune of $12 million.
The witness, a bureau de change operator, while being led in evidence by prosecuting counsel, Ekele Iheanacho (SAN), gave details of the multiple foreign exchange transactions that occurred between him, the first defendant and Aisha Achimugu.
The witness said: “Sometime in March 2025, I received a call from Aisha Achimugu that she has some forex transactions in SunTrust Bank in Abuja and Lagos branches, and I called the first defendant, and she confirmed to me that she knew about the transaction.
“On the 13the of March 2025, I got a call from Iliya, a staff of Aisha Achimugu that he was in Sun Trust Bank Abuja for payment of the $1 million as a swap to be paid into Aisha Achimugu’s Ocean Gate Energy Oil and Gas account, domiciled in Zenith Bank, which I confirmed from the first defendant.
“I contacted my friend Hassan of Ashrof Energy, who sent Tijani for the collection of cash payment. On that same day, I also got a call from the first defendant that Aisha sent Iliya on the same day that he is at SunTrust Bank Wuse 2, Abuja, and I contacted my friend Tirzi of Triple A, who sent Abdulkadir Mohammed to collect a cash payment of $1 million. I also later sent Kabiru to receive a cash payment of $2 million for swap.”
He continued: “Aisha Achimugu called me and said that she needed to buy an oil block and she will need dollar inflow into the Ocean Gate Energy Oil and Gas account in Zenith Bank. I got to know Aisha Achimugu sometime in 2021 through the first defendant, and we met at SunTrust Bank.
“On 13th March 2025, I got a call from Aisha Achimugu that some cash payment of $1 million is available in SunTrust. I called the first defendant for confirmation, and she sent me a normal message through WhatsApp.
“When I called Mr Innocent, the second defendant, he said he was not aware of the transaction, so I sent a message to the first defendant about the response of the second defendant and she sent a screenshot of their chat with the second defendant through WhatsApp and the second defendant now called me that I can send for the cash collection. I also informed Hassan Dankali, who sent Muktar Miko to collect the cash.
“On 13th of March 2025, Muttar Miko received a total payment of $2 million from the second defendant. He also received a total cash of $2 million for swap on the 14th March, 2025, from the second defendant.
“On the 20th March, I also received a call from Aisha Achimugu, which I confirmed from the first defendant for $2 million for a cash swap, which I received from the second defendant, and I contacted Hassan of Ashrob, who sent Sani Fadri for the cash payment.
“On the 24th of March, Sani Fadil also received a cash payment of $2 million from the second defendant for payment of inflow into Ocean Gate Energy Oil and Gas. After receiving all the cash payment, a swap was made and a payment of inflow was transferred into Ocean Gate Energy Oil and Gas in Zenith Bank in tranches.”
The EFCC witness further disclosed that apart from the transaction that involved the purchase of the oil block, Achimugu also did some transactions of exchange of naira to dollars, which he usually confirms from the first defendant, in which naira was credited to those accounts and the dollar equivalent was transferred to Ocean Gate Energy.
The WhatsApp printout from the witness’s phone containing his communication with the first defendant and the certificate of identification were tendered in evidence.
The presiding judge, Justice Emeka Nwite, adjourned the matter till Friday, July 18, 2025, for the continuation of trial.
A federal court in the United States has convicted five Nigerian men for defrauding numerous American citizens.
These individuals were involved in creating fake online romances aimed at lonely individuals, as well as scams related to pandemic unemployment insurance.
The criminal group also exploited a global tragedy and executed sophisticated email hacks that drained funds from U.S. businesses.
The full names and addresses of the five members of this criminal syndicate, who face the possibility of long prison sentences, have been released.
As reported by PM News, a U.S. federal jury in Puerto Rico convicted the fifth defendant, Oluwasegun Baiyewu of Richmond, Texas.
The 37-year-old was convicted after a marathon 22-day trial.
Baiyewu joins his fellow conspirators:
40-year-old Oluwaseun Adelekan of Staten Island, New York
40-year-old Temitope Omotayo Staten Island, New York
37-year-old Ifeoluwa Dudubo of Austin, Texas,
37-year-old Temitope Suleiman of Richmond, Texas
The U.S. prosecutors said the Nigerians ran hundreds of financial transactions. The syndicates “wash” the loot by buying used cars and shipping them back to Nigeria in a cynical attempt to convert fraud into flashy wealth.
The convicted Nigerians will now face sentencing before Judge Raúl M. Arias-Marxuach of the District of Puerto Rico, where they risk long prison terms.
According to the FBI and U.S. Postal Inspection Service, the Nigerian criminals are “key service providers” for cyber scammers. They warned that the game is up for anyone who thinks they can hide in the shadows of the internet.
The Assistant Attorney General Brett A. Shumate of the U.S. Justice Department declared that:
“This conviction is a message to transnational organized crime groups and their accomplices: you cannot victimize Americans with impunity.”
Reacting to the conviction of the syndicates, the U.S. Attorney for Puerto Rico, Stephen Muldrow, said:
“The defendants lined their pockets by defrauding vulnerable members of our society. Justice will prevail.”
Recall that Nigerian traditional ruler, Apetu of Ipetumodu in Osun state, Oba Joseph Oloyede, was sentenced to six and a half years imprisonment in the United States.
Oba Oloyede was said to have created and led a scheme that defrauded over $4.2 million from the federal loan and grant programmes.
The US court filed three-count charges against the traditional ruler, according to the office of the US Attorney in the Northern District of Ohio.
The federal high court sitting in Lagos has convicted four more internet fraudsters arrested during a sting operation by officers of the Economic and Financial Crimes Commission (EFCC) at a hotel within the Olusegun Obasanjo Presidential Library (OOPL) complex in Abeokuta, Ogun state, according TheCable.
Last week, EFCC operatives arrested 93 people suspected to be involved in internet fraud at a hotel within the precincts of the library.
Following the arrest, seven of the suspects were convicted separately for cybercrime-related offences.
In two separate judgements on Tuesday, Dehinde Dipeolu, the presiding judge, convicted and sentenced Olugbodi Adefolarin Pamilerin, Adenuga Ezekiel Oluwaseyi, Yusuf Ramon and Ganiyu Ibrahim for internet fraud.
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In the first ruling, Pamilerin and Oluwaseyi pleaded guilty to charges of impersonation, identity fraud, and retention of proceeds of crime.
Pamilerin admitted to fraudulently posing as “Emily Eddins” on Telegram and was found to have retained $160 obtained through deceit.
Franklin Ofoma, the EFCC prosecutor, presented evidence, including Pamilerin’s iPhone 14 and a N150,000 bank draft as restitution.
The judge sentenced him to one month’s imprisonment or an option of a N500,000 fine and ordered the forfeiture of the iPhone to the federal government.
“That you, Olugbodi Adefolarin Pamilerin (Male) sometime in 2025, within the Lagos Judicial Division of the Federal High Court of Nigeria, with intent to defraud, retained in your control the total sum of $160USD which were proceeds of criminal conduct, deceitfully obtained from unsuspecting members of the public, and you thereby committed an offence contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment etc) Act No: 4 of 2004,” the charge against Pamilerin reads.
Oluwaseyi also pleaded guilty to impersonating a woman on Gmail accounts and retaining $1,000 from fraudulent activities.
Evidence tendered against him includes two iPhones (iPhone 15 Pro Max and iPhone 6S), a N1 million bank draft, and forensic investigation reports.
Oluwaseyi was sentenced to three months’ imprisonment or an option of a N2 million fine, with the confiscation of his devices and the bank draft.
“That you, Adenuga Ezekiel Oluwaseyi (Male), sometime in 2025, within the Lagos Judicial Division of the Federal High Court of Nigeria, fraudulently held out yourself as a lady in your gmail accounts, [email protected] and [email protected] to unsuspecting members of the public, with intent to gain advantage for yourself and you thereby committed an offence contrary to and punishable under section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, Laws of the Federation of Nigeria 2015,” the charge against him reads.
“That you, Adenuga Ezekiel Oluwaseyi (Male), sometime in 2025, within the Lagos Judicial Division of the Federal High Court of Nigeria, with intent to defraud, retained in your control the total sum of $1000USD which were proceeds of criminal conduct, deceitfully obtained from unsuspecting members of the public, and you thereby committed an offence contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment etc) Act No. 4 of 2004.”
In the other judgement, Dipeolu convicted and sentenced Ramon and Ibrahim for impersonation, identity and internet fraud.
TheCable
The Economic and Financial Crimes Commission (EFCC) announced on Tuesday that it has arraigned an information and communication technology consultant, Umar Abdullahi, on charges of fraud and money laundering amounting to N131.8 million and $200,000.
The arraignment was conducted on Monday in the Federal High Court, Maitama, Abuja, before Justice Emeka Nwite.
Abdullahi has been charged with four counts pertaining to his alleged financial improprieties. These charges include obtaining money under false pretenses, advance fee fraud, and money laundering, with the alleged offenses occurring between June and August 2024.
One of the charges states: “That you, Umar Abdullahi, during the period between July 2024 and August 2024, in Abuja, within the jurisdiction of this Honourable Court, did accept and transact cash payment of $200,000 (Two Hundred Thousand Dollars) for the allotment of shares in Multi Access Controls Limited, exceeding the Ten Million Naira threshold, without the transaction being conducted through a financial institution.”
Another charge asserts: “That you, Umar Abdullahi, in June 2024, in Abuja, within the jurisdiction of this Honourable Court, with the intent to defraud, did receive the sum of N104,980,000.00 (One Hundred and Four Million, Nine Hundred and Eighty Thousand Naira) into Account Number: 2266267081, held with Zenith Bank Plc, from Aura Integrated Energy Resources Limited under the false pretenses that the funds were designated for the procurement of telecommunication equipment and logistics for Nigerian Communications Commission personnel, a claim you knew to be false.”
The EFCC indicates that these offenses violate Section 2 (1) (a) of the Money Laundering (Prevention and Prohibition) Act, 2022, as well as Section 1 (1) (b) of the Advance Fee Fraud and Other Related Offences Act.
Mr. Abdullahi entered a plea of “not guilty” to all charges.
This case originates from a petition filed by Alhaji Shehu Badamosi with the EFCC’s Ilorin Zonal Directorate. Badamosi alleged that Abdullahi approached him claiming to have secured a contract with the Nigerian Communications Commission and requested financing of N131.8 million and $200,000 for its execution. Following the provision of these funds, Abdullahi reportedly ceased communication, rendering Badamosi’s attempts to recover the funds unsuccessful.
Prosecution counsel Cosmas Ugwu requested that the defendant be remanded in a correctional facility pending trial, citing a prior breach of administrative bail granted by the EFCC. In contrast, the defense counsel, Agbonlahor, requested that the defendant be remanded in EFCC custody.
After considering the arguments presented by both counsels, Justice Nwite ordered that Abdullahi be remanded at Kuje Correctional Centre, Abuja, and adjourned the case until September 8, 2025, for the commencement of the trial.
The Federal High Court in Ikoyi, Lagos, on Thursday, convicted Olufemi Martins Thomas, a former Executive Secretary of the National Health Insurance Scheme (NHIS), and Kabiru Sidi, a Bureau De Change operator, of their involvement in fraud case involving more than $2 million, as reported by Premium Times.
The judge, Ayokunle Faji, found Mr Thomas guilty of transacting beyond the legal threshold without utilising a financial institution, an offence contrary to money laundering regulations. He was subsequently sentenced to a fine of N10 million.
His co-defendant, Mr Sidi, was found guilty of making a false statement to an investigating officer of the Economic and Financial Crimes Commission (EFCC) and was fined N100,000.
EFCC brought amended seven charges of money laundering, among others, against the duo. Six of the counts against Mr Thomas related to money laundering and transferring proceeds of unlawful activities in cash, in contravention of the Money Laundering (Prohibition) Act, 2011 as amended. Mr Sidi faced a single count of making false statements to an EFCC official.
According to the charges, Mr Thomas procured his wife, Mrs Femi Thomas, to disguise the unlawful origin of about $2 million ($2,198,900) on or about 3 July 2015. This was deemed an offence contrary to Section 18 and punishable under Section 15(2)(a) and (3) of the Money Laundering (Prohibition) Act, 2011 (as amended).
Mr Sidi’s charge stated that on or about 15 July 2015, at the EFCC office in Ikoyi, Lagos, he made a false statement to Afeez Mustapha, an investigating officer, claiming he gave over two million United States dollars to Bamidele Ibiteye. This was found to be an offence contrary to Section 39(2)(b) and punishable under Section 39(2)(c) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.
Both defendants had pleaded “not guilty” to the charges, leading to a full trial.
In his oral submissions during the final hearing on 29 May, the prosecution counsel, Ekele Iheanacho, a Senior Advocate of Nigeria (SAN), argued that the prosecution had established a prima facie case against the defendants, which had been upheld by the Court of Appeal after an initial no-case submission by the defence was overruled.
“This is a case of money laundering, where the issue of concealment of transaction is paramount and that is why the law requires such transactions to go through financial institutions so that there will be a trial,” Mr Iheanacho said.
Despite the convictions on specific counts, Justice Faji discharged Dr. Thomas on counts one, two, three, four, and seven of the charge.
The Federal High Court in Abuja, on Tuesday, has again rejected a fresh bail application by Jesam Michael, CEO of the cryptocurrency trading platform Afriq Arbitrage System (AAS), in an alleged investment fraud case against him, involving $844,416.36, $10,000, and N590 million, as reported by Nairametrics
Justice Obiora Egwatu had fixed Tuesday for ruling after taking fresh arguments from EFCC counsel Geraldine Ofulue and Michael’s lawyer, Kanu Agabi SAN, at previous proceedings.
This is the third bail application to be filed by Michael against the Economic and Financial Crimes Commission (EFCC) and rejected.
Nairametrics previously reported that on June 10, 2025, the court remanded Jesam Michael at the Correctional Centre over the alleged investment fraud case, following the EFCC’s charges.
The remand order was granted after Michael’s bail was again denied, following the reading of a seven-count charge before Justice Obiora Egwatu of the Federal High Court, Abuja, at the time.
Legal Dispute
The EFCC accused Michael and his company of engaging in specialized financial services, including investment management, without a valid license.
According to the EFCC, between September 2022 and June 2023, Michael and his company, while not being a bank or an authorized entity to take deposits, invited the public—through advertisements—to deposit funds with Afriq Arbitrage System Limited.
This, the Commission stated, contravenes Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under the same Act.
The judge, in a previous ruling, observed that about 50,000 victims were affected by the alleged fraud and emphasized the need for a speedy trial while the suspect remains in custody.
The matter was then adjourned for trial.
Trial proceedings had commenced when the defendant’s lawyer, Kanu Agabi SAN, filed another bail application for his client.
At the previous court session, Agabi had asked the court to grant his client fresh bail on grounds of “ill-health,” arguing that bail is at the discretion of the court.
But EFCC counsel Ofulue adopted her counter-affidavit in opposition to the bail application.
She urged the court to dismiss the application as an abuse of court process, noting that a ruling on bail had already been given.
She stressed that the defendant had not provided any assurance to the court regarding the safety of people’s investments.
She added that since the Correctional Centre had directed Michael to be examined at the University of Abuja Teaching Hospital, it proves they are addressing his medical needs.
Court Ruling
Ruling on the bail application, Justice Egwatu held that Michael’s request for bail on health grounds was “lacking in merit.”
The judge agreed with the EFCC that the management of the Kuje Correctional Centre, where he is currently remanded till the end of the trial, had the capacity to take care of him.
The judge highlighted that the ailment of the defendant was not the type that could pose a health risk to other inmates.
The judge subsequently refused the bail application and adjourned the matter till July 25 for continuation of the trial.
According to Nairametrics, Justice Emeka Nwite, a vacation judge at the time, had on May 9, 2025, refused an earlier bail application by Jesam Michael.
Justice Nwite denied the bail motion filed by Michael’s legal team, emphasizing that a charge had already been filed against him.
The judge directed that Michael’s arraignment must take place before any bail application can be considered.
The Abuja Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Monday, July 21, 2025, has arraigned one Philip Ifejimalu Eze and a company allegedly linked to him, Orimiri Oil and Gas, over alleged N63,000,000 fraud in Abuja.
The defendants were arraigned before Justice A.H. Musa of the Fedr FCT High Court Apo-Abuja on a one count charge, according to a statement by the EFCC.
The EFCC alleges that the development contravened Advance Fee Fraud.
EFCC Case
According to the EFCC, the defendant allegedly had intent to defraud one Chief Amech Nduka of Amatex Oil and Gas to deliver 45,000 liters of Automatic Gas Oil valued at N63,000,000, through inducement.
The Commission seeks punishment for the alleged contravention.
The charge reads “That you, Philip Ifejimalu Eze while being the Managing Director of Orimiri Oil and Gas sometime in 2024 in Abuja, within the jurisdiction of this Honourable Court, with intent to defraud, induced one Chief Amech Nduka of Amatex Oil and Gas to deliver 45,000 liters of Automatic Gas Oil valued at N63,000,000 (Sixty Three Million Naira only) which payment was made via a bank cheque of Mainstreet Bank Plc which you knew had already been liquidated as same was rejected at Zenith Bank Plc when presented for payment which pretense you knew to be false and you thereby committed an offence contrary to Section 1(a) of the Advanced Fee Fraud and Other Related Offences Act, 2006 and punishable under Section 1(3) of the same Act”
What transpired in court
At the resumed court session, the defendant and the company were arraigned before the judge.
He pleaded not guilty when the charge was read by the registrar.
This prompted prosecution counsel, Mariya Ujudud Shariff to request for a date to commence trial.
But the defendants legal team urged the court to grant his client bail on liberal terms.
Ruling on the bail application, Justice Musa granted the suspect bail with two sureties, one of whom must be a civil servant not below Grade Level 12.
” The surety must bring a letter of introduction from his place of work to be verified by the Court Registrar while the other must have a house within the jurisdiction of the court and depose to an affidavit and sign a N2, 000,000 (Two Million Naira) bail bond,” the judge ruled, according to the EFCC.
The judge then adjourned the matter till November 11, 2025, for commencement of trial.
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