ABUJA, a key prosecution witness, told the Federal High Court on Monday that his bureau-de-change firm, Funnacle BDC Ltd, is duly registered with the Corporate Affairs Commission (CAC).
Suleiman Ciroma, Prosecution Witness 1 in the money-laundering case against SunTrust Bank Managing Director Halima Buba and the bank’s Executive Director/Chief Compliance Officer Innocent Mbagwu made the disclosure while being cross-examined by defence counsel Johnson Usman (SAN).
Ciroma admitted he operated as a BDC dealer in 2021 and met businesswoman Aisha Achimugu at SunTrust Bank that year.
He said Achimugu gave him US $1.8 million in tranches to convert to naira, which he did.
The witness confirmed that neither Buba nor Mbagwu is a director of Funnacle BDC.
Although Ciroma now claims to have left the BDC business, he acknowledged the firm has not been legally wound up under the Companies and Allied Matters Act (CAMA).
EFCC invited him in April 2024; he provided two extra-judicial statements that form part of the evidence before the court.
Defence counsel sought to tender a certified true copy of the six-count charge containing witness statements and EFCC investigation letters but EFCC lead prosecutor Rotimi Oyedepo (SAN) objected, arguing only the anti-graft agency can certify those pages. Usman countered that the entire document, once certified by the court, is admissible.
Justice Emeka Nwite adjourned the matter to 13 October for ruling on the admissibility tussle and continuation of trial.
Mediaplisng.com confirmed that Buba and Mbagwu are accused of facilitating high-value cash transactions totalling US $12 million without routing them through a financial institution an offence under Sections 2 and 9 of the Money Laundering (Prevention and Prohibition) Act 2022. Both pleaded not guilty on 13 June and remain on ₦100 million bail each.
