The Economic and Financial Crimes Commission (EFCC) has arraigned SunTrust Bank’s Managing Director and Chief Executive Officer, Halima Buba and Executive Director and Chief Compliance Officer, Mr Innocent Mbagwu on charges of money laundering totaling $12 million.
The arraignment took place on Friday, June 13, 2025 before Justice Emeka Nwite of the Federal High Court in Abuja.
The two top executives of the Bank are facing a six-count charge bordering on illegal cash transactions and conspiracy, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC told the Court that the duo of Buba and Mbagwu allegedly facilitated the illegal transfer of $3 million in cash on March 10, 2025, in Abuja, to Suleiman Muhammed Chiroma and his associates.
This was contained in a press statement signed by Dele Oyewale, Head, Media and Publicity of the EFCC, stating that another $3 million transaction allegedly took place on March 13, in Lagos, directed to Mukhtar Miko, also linked to Chiroma, adding that both transactions allegedly bypassed financial institutions, which is prohibited under Nigerian law.
However, the two bank executives pleaded not guilty to all charges.
EFCC lead prosecutor, Rotimi Oyedepo, SAN, expressed readiness to commence trial immediately and asked the court for an accelerated hearing.
Defense counsel, J.J. Usman, SAN, urged the court to grant the defendants bail based on a previous application filed on May 27, 2025.
However, the prosecution objected, saying that the application was “incompetent” since it was filed while the defendants were neither under arrest nor before the court.
But, Justice Nwite overruled the objection of the prosecution counsel and granted each of the defendants bail in the sum of ₦100 million, with one surety each in like sum.
The trial judge ruled that the sureties must own landed property in Abuja, submit all relevant documents to the court, and provide two passport photographs and their international passports.
Justice Nwite said that the court will verify all submitted documents and addresses and directed that the defendants be remanded in a correctional facility until their bail conditions are met.
He thereafter, adjourned the case to July 17 and 18, 2025, for continuation of trial.
