A prosecution witness for the Economic and Financial Crimes Commission (EFCC), Hassan Dantani, on Friday contradicted his earlier testimony during the ongoing trial of the Managing Director of SunTrust Bank Ltd, Halima Buba, and her co-defendant, Innocent Mbagwu, over an alleged $12 million fraud.
Dantani, who is the Managing Director of Ashrab Corporate Forex and BDC Ltd, had previously told the court that he informed EFCC investigators that his Bureau De Change (BDC) licence was revoked by the Central Bank of Nigeria (CBN) in 2024.
According to the News Agency of Nigeria, a key issue in the case is whether the BDC used for the $12 million transaction conducted by Buba and Mbagwu, who serves as Executive Director and Chief Compliance Officer of SunTrust Bank, had a valid licence at the time of the transaction.
However, during cross-examination by Buba’s counsel, Johnson Usman, SAN, the witness admitted that his earlier claim was not reflected in his written statement to the EFCC, which had been admitted as Exhibit D1.
“In the course of the investigation in the case, you made a statement to EFCC. In making the statement, did you tell EFCC that your BDC licence was revoked?” the lawyer asked.
“Yes, I did,” Dantani responded.
Usman then referred him to pages 48 to 52 of Exhibit D1 and asked him to identify where he stated that his licence was revoked in 2024.
After reviewing the document, the witness told the court: “I did not see it.”
“Therefore, I will be correct to say you did not state so at EFCC based on Exhibit D1, that your licence has been revoked?” the lawyer asked, to which the witness admitted.
Dantani, the third prosecution witness, also confirmed he is a member of the BDC Traders Association in Wuse Zone 4, Abuja. He further told the court that his company remains operational and has not been wound up at the Corporate Affairs Commission.
He said he had no direct dealings or transactions with either Buba or Mbagwu.
The witness identified Suleiman Ciroma, the first prosecution witness in the case, as a fellow BDC operator and business associate.
Under questioning, Dantani admitted he did not inform individuals sent to collect funds from SunTrust Bank that his BDC licence had been revoked at the time. He added that although the licence had been revoked, he reapplied in 2025 and the process remains ongoing, noting that his N500 million deposit with the CBN is still intact.
He also told the court that neither Buba nor Mbagwu is a signatory to any of his personal or corporate accounts.
Dantani disclosed that he received $9.947 million on the instruction of Ciroma, with all funds paid into Ashrab Energy and Oil Services Ltd. He said $7 million of the amount was collected in cash.
According to him, the total sum was subsequently transferred to Oceangate Engineering Oil and Gas Ltd, a company owned by businesswoman Aisha Achumugu.
“The decision to transfer the money from Ashrab Energy and Oil Services Ltd was my personal decision,” he told the court, adding that he made a profit of N9.8 million from the transaction.
During cross-examination by Mbagwu’s counsel, Mustapha Ibrahim, SAN, Dantani confirmed Exhibit D1 as his only statement to the EFCC and said the transaction in question took place in March 2025.
He also told the court he could not recall making any additional statements to the EFCC beyond the one already admitted in evidence.
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