Nduka Nwosu
In this news analysis, Nduka Nwosu argues that the EFCC must begin to
deepen its investigative skills and learn to rely less on media trials that fail to
reflect the art of due process
In the past two weeks, Halima Buba and Innocent Mbagwu, two bank
Executives have been in the news for the wrong reasons.
What are the issues?
In April 2025, the Economic and Financial Crimes Commission (EFCC) had
earlier directed Sun Trust Bank to transfer over ₦11 billion, belonging to one
of its customers, Felak Concept Group Ltd, to its CBN Recovery Account.
However, the bank’s executives, citing their fiduciary responsibilities,
requested a valid court order to authorise the transfer. The EFCC, however,
did not produce such an order.
Instead, the Commission allegedly disrupted the bank’s operations nationwide
and detained Mrs. Buba.
In response, the executives filed a fundamental rights enforcement suit,
asserting that the EFCC’s actions violated their constitutional rights and those
of the bank’s staff. Following this, the bank eventually transferred the funds
Under what Mrs. Buba claimed was coercion and threat before releasing her
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.
Mrs. Buba and Mr. Mbagwu have maintained that all foreign exchange
Transactions cited by the EFCC were conducted through a CBN-licensed
Bureau de Change, in line with regulatory guidelines. At the time of the
transactions, Mrs. Buba was reportedly outside the country, and Mr. Mbagwu
acted based on the documented instructions of the customer, 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 participation in willful money laundering.
Case Summary Against Buba and Mbagwu:
In June 2025, the EFCC arraigned the two executives before the Federal High Court
The 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) Act, 2022. The transactions in
question reportedly involved USD 12 million linked to the account of Aisha
Achimugu, CEO of Felak Concept Group Ltd.
According to the charge sheet, the EFCC claims the executives “aided” cash
transactions and conspired to bypass reporting obligations. However, the
SunTrust executives have stated that the transactions were executed by a
licensed Bureau de Change, which qualifies as a financial institution under
Nigerian law. The executives have since pleaded not guilty and met their bail
conditions.
On her part, Aisha Achimugu 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.
– Mrs. Buba and Mr. Mbagwu have also initiated a separate suit
(FHC/ABJ/CS/802/2025) seeking judicial protection from threats, attempted
arrests, and alleged coercion by the EFCC, while the Felak Concept Group
has 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
order and requesting a refund.
– While the executives have since withdrawn their rights enforcement suit,
The Felak and Achimugu cases remain active, with hearings scheduled for
July 17 and July 25, 2025, respectively.
EFCC and Due Process:
A very reliable source disclosed that this is the first time Mrs. Buba and Mr.
Mbagwu have been drawn into a high-profile dispute involving a government
agency arguing that this matter has a broader implication that goes beyond
The individuals involved. “This matter raises important questions about due
process, the rule of law, and the operational independence of financial
institutions in Nigeria.
“Of course, the EFCC has been known for taking two steps forward and four
steps backwards as far as due process is concerned. Its trajectory over the
years and even in recent times shows its interest in media trials without
in-depth investigation of most of its charges against its suspects. The EFCC in
dancing the bo-peep, a comedy of the absurd. Where do we stand with all the
cases between Buhari and the current administration? After the elaborate
entertainment Nigerians were privileged to witness, when will the Bello and
EFCC movie part two be released? And where is Aisha Achimugu in the
current scenario?
The EFCC, under its pioneer chief investigator, Nuhu Ribadu, designed a
template for fighting corruption, attracting global applause for the period he
Was in charge. What has happened? The EFCC, over the years, has become a
caricature of showmanship, more interested in storytelling. Period.
A tutorial or refresher course anchored on Ribadu’s seminal epistle: Show Me
The Money, Leveraging Anti-Money Laundering Tools To Fight Corruption In
Nigeria, is a timely wake up call for the current helmsmen of the anti-
corruption agency.
As the courts prepare to hear the respective cases, financial and legal
stakeholders are watching closely. The outcome may well define the
boundaries of regulatory authority and set a precedent for how lawful banking
operations are protected or challenged in the future.
*Nduka Nwosu was the Group Managing Director of Leadership Newspapers, Abuja
