Prosecution witness denies direct link to SunTrust Bank MD in $12m fraud suit

Hassan Dantani, a prosecution witness in the $12 million money laundering trial involving SunTrust Bank Ltd managing director Halima Buba and her co-defendant, Innocent Mbagwu, gave evidence on Friday that raised questions over Bureau De Change (BDC) licensing status and compliance with Central Bank of Nigeria (CBN) regulations.

Dantani, who is also the Ashrab Corporate Forex and BDC Ltd managing director and a witness for the Economic and Financial Crimes Commission (EFCC), appeared to contradict aspects of his earlier testimony during cross-examination at the Federal High Court in Abuja.

The case centres on allegations that the defendants were involved in cash transactions totalling $12 million without routing the funds through a financial institution, in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.

Witness admits discrepancies in EFCC statement
A key issue before the court is whether the BDC used in the transaction had a valid operating licence at the time, amid claims that the CBN may have revoked it in 2024. Under cross-examination by defence counsel Johnson Usman SAN, Dantani was confronted with his written statement, marked as Exhibit D1.

He initially maintained that he told the EFCC his licence had been revoked but later admitted that the statement did not contain such a disclosure after reviewing it in court. The witness confirmed that his company remains operational and has not been wound up by the Corporate Affairs Commission (CAC).

Dantani stated he had no direct dealings with the defendants and that the transactions were carried out through third parties within the BDC network.

Third-party involvement in million-dollar transfers
Dantani said he received $9.947 million on the instruction of another BDC operator, Suleiman Ciroma—also a prosecution witness—and that approximately $7 million was collected in cash. He testified that the funds were transferred to Oceangate Engineering Oil and Gas Ltd, a firm owned by businesswoman Aisha Achumugu.

He added that the transfer decision was his own and that he earned a profit of N9.8 million from the transaction. Furthermore, he told the court that neither Buba nor Mbagwu is a signatory to his company accounts and that he had no direct interaction with them.

Court adjourns following cross-examination
Under cross-examination by defence counsel Mustapha Ibrahim SAN, the witness said he complied with CBN guidelines but could not recall making any additional statements to the EFCC beyond Exhibit D1. He confirmed that he did not physically receive United States dollars at any SunTrust Bank branch in Lagos or Abuja.

Buba and Mbagwu face a six-count charge of alleged money laundering. The EFCC alleges that they facilitated cash transactions without routing them through formal banking channels, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.

The court adjourned the matter to April 30 for the continuation of the trial. Both defendants have pleaded not guilty and were granted bail of N100 million each, with one surety in like sum.