Business
Aisha Achimugu: Bank MD, compliance chief linked to alleged $12m laundering
The first prosecution witness (PW1) in the trial of SunTrust Bank Managing Director, Halima Buba, and Chief Compliance Officer, Innocent Mbagwu, on Thursday, July 17, 2025, detailed before Justice Emeka Nwite of the Federal High Court, Abuja, how multi-million-dollar cash transactions were routed through him for transfers.
The Economic and Financial Crimes Commission (EFCC) is prosecuting both bank executives on a six-count charge bordering on money laundering to the tune of $12 million.
Led in evidence by prosecuting counsel, Ekele Iheanacho, SAN, the witness, a bureau de change operator, described multiple foreign exchange transactions involving the first defendant, Aisha Achimugu, and himself.
“Sometime in March 2025, I received a call from Aisha Achimugu that she had some forex transactions at SunTrust Bank branches in Abuja and Lagos. I called the first defendant, and she confirmed her knowledge of the transactions,” he testified.
On March 13, 2025, the witness said a staff of Achimugu, Iliya, visited SunTrust Bank Abuja for a $1 million cash swap, to be paid into Ocean Gate Energy Oil and Gas’ Zenith Bank account. The witness confirmed the transaction with the first defendant before arranging for the collection of the cash through intermediaries.
The witness further narrated, “Aisha told me she needed dollar inflows into her Ocean Gate Energy account to purchase an oil block. I got to know her in 2021 through the first defendant, and we met at SunTrust Bank.”
He added that the first defendant communicated transaction confirmations through WhatsApp, including screenshots of chats with the second defendant when he initially denied knowledge of the transactions.
According to the witness, “On March 13, 2025, Muktar Miko received a $2 million cash payment from the second defendant. Another $2 million was received on March 14, while on March 20, an additional $2 million was collected for cash swap transactions, all confirmed with the first defendant.”
On March 24, 2025, another $2 million was collected, with subsequent dollar inflows transferred in tranches into Ocean Gate Energy Oil and Gas’ Zenith Bank account after the swaps were completed.
The witness also testified that aside from the oil block purchase, Aisha Achimugu conducted further Naira-to-dollar exchange transactions, which he regularly confirmed with the first defendant, with Naira credited to local accounts and dollar equivalents transferred to Ocean Gate Energy.
The matter continues as the EFCC seeks to establish its case in the ongoing multi-million-dollar money laundering trial.
Business
NNPC Slashes Petrol Price
The Nigerian National Petroleum Company Limited (NNPC) has reduced petrol prices at its retail stations in Lagos, Abuja, and other states by at least N20 per litre.
Current pump prices now range between N895 and N965.
In Lagos, the price dropped from N910 to N890 per litre, while in Abuja, it moved down from N940 to N920 per litre.
Other stations, including Ardova, MRS, and First Royal, are now selling petrol at N890 per litre.
Across the country, new pump prices for major states are as follows: Abuja N920, Lagos N890, Abia N912, Adamawa N940, Akwa Ibom N910, Anambra N905, Bauchi N915, Bayelsa N900, Benue N935, Borno N945, Cross River N910, Delta N900, Ebonyi N928, Edo N910, Enugu N912, Gombe N965, Imo N928, Kaduna N935, Kano N935, Kwara N905, Nassarawa N935, Niger N955, Ogun N905, Ondo N905, Osun N895, Oyo N905, Plateau N900, Rivers N895, Sokoto N935, Taraba N950, Yobe N950, and Zamfara N945.
Depot prices have also been adjusted following the arrival of fresh petrol shipments.
In Lagos, depots such as Wosbab, Chipet, Integrated, and Bovas now sell at N836 per litre, with Aiteo charging N835. Port Harcourt depots including Masters, Liquid Bulk, and Bulk Strategic reduced rates to N853, while Warri depots adjusted prices between N846 and N848.
Calabar depots also lowered costs, with rates ranging from N846 to N849 per litre.
The reduction comes after Dangote Refinery lowered its gantry price to N840 per litre.
Diesel prices also fell, dropping from N950 to N910 per litre.
Business
Egbu Community That Powers South East Battles Months Of Darkness
Egbu community in Owerri North Local Government Area of Imo State has endured months of crippling electricity outages, even as it hosts a Transmission Company of Nigeria (TCN) facility supplying and distributing power to the entire South-East.
Residents describe the situation as cruelly ironic: while electricity flows from their town to cities across five states, Egbu itself receives barely two hours of power daily.
The blackout has intensified amid a standoff between the Imo State government and the Enugu Electricity Distribution Company (EEDC) over the proposed Orashi Electricity Distribution Company.
Governor Hope Uzodimma announced at the recent Imo Economic Summit that Orashi Electricity Distribution Company would commence operations in December, promising improved supply and stability across the state.

Before this announcement, the Imo State government accused EEDC of deliberately shutting down power in retaliation for the creation of the new distribution company. Commissioner for Information and Strategy, Declan Emelumba, insisted the state’s intervention aims solely to improve electricity delivery and protect residents.
EEDC, through its Head of Communications, Emeka Eze, denied the claim, asserting the company has no intention to disrupt supply. It also noted that agents of the state government had previously interfered with its Egbu transmission facility, disrupting operations.
Caught in the crossfire, Egbu remains the worst affected, with prolonged blackouts crippling businesses and daily life. Residents say the 11KV Egbu feeder, which supplies electricity locally, has been in poor condition for years, severely limiting power availability.
Augustine Njoku, a youth leader in Mpana area, said, “That 11KV feeder has been bad for years. EEDC refuses to fix it, and that is why we are in darkness.”
Small businesses are struggling. Uche Onwuka, who runs a football viewing centre at Ishiuzor village, said unreliable power has driven away customers. “I spend everything on petrol; there’s no profit left,” he lamented.
Restaurant owner, Ms Augusta Igwe added, “Running my generator eats up all my profit. How could two hours of electricity supply improve my business. This is unacceptable. I can no longer cope.”
Am Electronics trader, Gibson Amuneke said he was forced to close his shop: “There is no business without electricity.. This is very insensitive. When you go to other parts of the State, there is reasonable power supply but here in Egbu, which hosts the Transmission. station, we hardly get supply”
Residents also complain of high estimated electricity bills despite scant supply, describing it as unfair for a community that hosts a major national power installation.
Efforts to reach EEDC officials about the 11KV feeder and residents’ claims went unanswered. With Orashi Electricity Distribution Company set to begin operations in December and the EEDC-Imo standoff unresolved, Egbu residents remain trapped in darkness, questioning how a community that powers the South-East can be left in such neglect.
Business
Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress
Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.
Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.
He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.
During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.
While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.
Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.
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