SunTrust Bank Executives Allegedly Moved $12 Million for Oil Deal – Witness Testifies

Abuja, July 18, 2025 —
A bureau de change operator, testifying before a Federal High Court in Abuja on Thursday, detailed how top executives of SunTrust Bank allegedly coordinated the movement of $12 million in cash to finance a controversial oil transaction.

The witness, whose identity was protected for security reasons, narrated how the transactions were executed in multiple tranches using the services of the Bureau de Change (BDC) network and private couriers. According to the testimony, the funds were sourced under the guise of foreign exchange operations and routed for an oil-related business deal involving undisclosed interests.

The witness said the transactions took place over a period of weeks, with instructions coming directly from senior figures within SunTrust Bank. He further revealed that the bank officials structured the transfers in a way that evaded standard reporting protocols, raising questions about regulatory compliance and the purpose of the transaction.

“The cash was broken into several payments to avoid detection, and we were instructed not to disclose the identities of the actual recipients,” the witness said, adding that he was later threatened to keep silent.

The Economic and Financial Crimes Commission (EFCC), which is prosecuting the case, told the court that the movement of funds violated anti-money laundering laws and constituted a deliberate attempt to manipulate the financial system. EFCC counsel submitted documents showing bank records, CCTV footage, and internal memos linking the transaction to the oil deal.

SunTrust Bank, through its legal team, has denied any wrongdoing, insisting that all operations were within legal banking procedures. However, the ongoing investigation has placed the bank’s internal controls and executive conduct under intense public scrutiny.

Justice Sani Mohammed adjourned the case to a later date for continuation of hearing, while the EFCC hinted at calling more witnesses, including former employees of the bank, to strengthen its case.

The development has triggered calls for deeper oversight of private banking operations in Nigeria’s financial sector, especially in transactions linked to the oil and gas industry.