The Case of Halima Buba, Innocent Mbagwu, Aisha Achimugu, and the EFCC

In this analysis, Nduka Nwosu contends that the Economic and Financial Crimes Commission (EFCC) must rise above media theatrics and embrace the discipline of due process if it wishes to reclaim institutional credibility.

For the past two weeks, Halima Buba and Innocent Mbagwu, executives of SunTrust Bank, have been in the headlines — not for any verified crime, but for defying an allegedly unlawful directive from Nigeria’s foremost anti-graft agency.

What Really Happened?

In April 2025, the EFCC instructed SunTrust Bank to transfer over ₦11 billion belonging to a customer, Felak Concept Group Ltd, to its CBN Recovery Account — without presenting a valid court order.

The bank’s executives, citing their fiduciary obligations and the constitutional rights of depositors, requested judicial backing for the order. Instead of producing one, the EFCC reportedly disrupted banking operations nationwide, detained Mrs. Buba, and threatened more arrests.

In response, Buba filed a fundamental rights enforcement suit, accusing the EFCC of violating the rights of the bank’s officers and staff. Yet under duress, and amid continued pressure, Buba reportedly authorised & transferred the funds — a decision Mrs. Buba says was coerced while she was held in detention.

Within weeks, the EFCC pivoted from pressure tactics to prosecution, filing criminal charges against the very executives who resisted what they viewed as an attempt to circumvent the law.

What Is the Case Against Them?

In June 2025, Mrs. Buba and Mr. Mbagwu were arraigned before the Federal High Court in Abuja. The EFCC alleges they facilitated cash transactions totaling $12 million, purportedly not routed through a financial institution, thereby violating the Money Laundering (Prevention and Prohibition) Act, 2022.

Yet the defense contends that all the FX transactions in question were handled by a CBN-licensed Bureau de Change (BDC) — which, by law, qualifies as a financial institution. Mrs. Buba was not even in the country during the transactions, and Mr. Mbagwu acted on a documented customer mandate. Both pleaded not guilty and have fulfilled bail conditions.

No evidence has been presented — publicly or in court — indicating personal gain, misconduct, or intent to launder funds.

A Web of Legal Battles

Three lawsuits form the spine of the unfolding legal drama:

– Aisha Achimugu, CEO of Felak Concept, filed a fundamental rights suit (FHC/CS/ABJ/626/2025) alleging harassment and intimidation over what she describes as legitimate business transactions.

– ⁠Buba and Mbagwu initiated a separate rights enforcement suit (FHC/ABJ/CS/802/2025) detailing alleged coercion, threats, and unlawful detention.

– ⁠Felak Concept Group sued the EFCC, SunTrust Bank, and the CBN (FHC/CS/856/2025), challenging the legality of debiting its account without a court order and seeking restitution.

While Buba has since withdrawn its suit, Felak and Achimugu’s matters remain active, with court dates set for July 17 and July 25, 2025, respectively.

The EFCC and the Death of Due Process

A senior industry source notes that this is the first time either Mrs. Buba or Mr. Mbagwu has been entangled in a government dispute. The broader concern, however, goes beyond individual reputations.

“This case raises serious questions about the rule of law, due process, and the independence of Nigeria’s financial institutions,” the source said.

Unfortunately, this isn’t new. The EFCC has, over the years, developed a reputation for media-led prosecutions — sensational headlines followed by tepid courtroom performances. Its reliance on public shaming rather than substantiated legal process has become part of its institutional pattern.

From the stalled Yahaya Bello saga to forgotten cases against former public officials, the EFCC’s record often resembles a screenplay: dramatic openings, no finales. Now, the same agency appears bent on criminalizing lawful resistance to its extra-legal directives.

Where is the once-lauded Ribadu doctrine — where investigations preceded accusations, and law, not propaganda, led the way?

A refresher course in anti-corruption practice, based on Ribadu’s seminal essay “Show Me The Money: Leveraging Anti-Money Laundering Tools to Fight Corruption in Nigeria”, might be long overdue at the Commission.

What’s at Stake?

As the courts prepare to hear the pending cases, banking professionals, legal scholars, and policy analysts will be watching closely. The outcome could redefine the limits of regulatory enforcement in Nigeria — and either reassure the industry that banks can still act within the law or confirm the worst fears: that institutional coercion now masquerades as anti-corruption.

Whether the judiciary will draw a firm line between prosecution and persecution is a question only time — and the courts — can answer.

Nduka Nwosu Was Group Managing Director LEADERSHIP Newspapers Abuja