Fresh revelations have surfaced suggesting a possible link between Lagos State Governor, Babajide Sanwo-Olu, and the ongoing $12 million money laundering case involving SunTrust Bank Nigeria Limited and its top executives, currently being prosecuted by the Economic and Financial Crimes Commission (EFCC).
The bank’s Managing Director and CEO, Halima Buba, along with Executive Director and Chief Compliance Officer, Innocent Mbagwu, were arraigned before Justice Emeka Nwite of the Federal High Court, Abuja, on a six-count charge bordering on money laundering. They both pleaded not guilty.
However, a new dimension to the case has emerged. Sources familiar with the EFCC investigation allege that a substantial portion of the funds in question were deposited by Aisha Achimogu, a businesswoman said to have close ties—both personal and financial—to Governor Sanwo-Olu. Achimogu’s transactions with the bank are reportedly under scrutiny, with investigators exploring her role in the suspicious movement of funds now at the heart of the case.
According to insiders, a large chunk of the funds was hastily withdrawn in cash, with EFCC investigators reportedly facing obstruction in tracking the remaining balance. Buba is alleged to have used her position to delay or block access to crucial account information, further complicating the investigation.
These developments are believed to be fueling political tensions within Lagos political circles, with reports suggesting that the financial scandal may be contributing to a growing rift between Governor Sanwo-Olu and his influential political mentor.
EFCC’s Case Against SunTrust Executives
In Count Two of the charge, the EFCC alleges that on March 10, 2025, Buba and Mbagwu facilitated a $3 million cash payment to one Suleiman Muhammed Chiroma and his associates without routing it through a financial institution—an action that contravenes Sections 2(1), 21(a), and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Count Three details another alleged cash payment of $3 million made on March 13, 2025, to Mukhtar Miko, an associate of Chiroma. The EFCC maintains that the transaction also bypassed proper banking channels, in violation of the same legal provisions.
Lead EFCC counsel, Rotimi Oyedepo, SAN, expressed readiness to commence trial, urging the court for an accelerated hearing. Defence counsel, J.J. Usman, SAN, requested the court to grant bail to the defendants, referencing a prior application dated May 27, 2025.
Oyedepo, however, challenged the validity of the earlier application, arguing that it was filed before any formal arrest or court appearance, rendering it procedurally flawed. Nevertheless, Justice Nwite ruled in favour of the defence, granting bail to each defendant in the sum of ₦100 million, with one surety each in like sum.
The court specified that sureties must possess verifiable landed property in Abuja, submit their international passports and two recent passport photographs, and have their documents and residences validated by court officials. The defendants are to remain in custody pending fulfillment of the bail conditions.
The case has been adjourned to July 17 and 18, 2025, for continuation of trial.
The EFCC has not officially named Governor Sanwo-Olu as a suspect or charged him in connection to the case.
However, the alleged financial links, if substantiated, could have far-reaching political and legal implications on Sanwo-Olu.
