The Economic and Financial Crimes Commission (EFCC), on Friday, June 13, 2025, arraigned two top executives of SunTrust Bank Limited, Halima Buba and Innocent Mbagwu, before Justice Emeka Nwite of the Federal High Court, Abuja, on charges of alleged money laundering involving a total of $12 million.
Buba, the Managing Director and Chief Executive Officer of the bank, and Mbagwu, the Executive Director and Chief Compliance Officer, are facing a six-count charge bordering on violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
In one of the charges, the EFCC alleged that on March 10, 2025, in Abuja, the defendants aided one Femi Gbamgboye in making a cash payment of $3 million to Suleiman Muhammed Chiroma and associates without routing the transaction through a financial institution.
This act, according to the charge sheet, contravenes Sections 2(1)(a), 2(1), and 19(1)(d) of the Money Laundering Act and is punishable under Section 19(2)(b) of the same law.
Another count stated that on March 13, 2025, in Lagos, the duo conspired to pay another $3 million in cash to Mukhtar Miko, an associate of Suleiman Muhammed Chiroma, again bypassing legal financial channels.
Both Buba and Mbagwu pleaded not guilty to all the charges when read to them in court.
Following their plea, the lead prosecution counsel, Rotimi Oyedepo, SAN, signaled the readiness of the EFCC to proceed with the trial and requested an accelerated hearing. However, defence counsel, J.J. Usman, SAN, urged the court to consider bail applications previously filed on May 27, 2025.
Opposing the application, Oyedepo argued that the earlier bail requests were invalid, as they were filed while the defendants were neither arrested nor brought before the court, a condition required under the Administration of Criminal Justice Act (ACJA).
He urged the court to disregard the applications and requested that new bail applications be filed in court.
Despite the opposition, Justice Nwite granted the defendants bail in the sum of N100 million each, with one surety each in the same amount.
The sureties must own verifiable landed properties in Abuja, and are required to submit the property documents, their passports, and two recent passport photographs to the court.
Justice Nwite also ordered that the defendants be remanded in a correctional facility pending the fulfillment of their bail conditions.
The case was adjourned to July 17 and 18, 2025, for continuation of trial.
