The Economic and Financial Crimes Commission (EFCC) on Friday arraigned the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, and the Executive Director/Chief Compliance Officer, Innocent Mbagwu, before Justice Emeka Nwite of the Federal High Court, Abuja, on a six-count charge bordering on alleged money laundering to the tune of $12 million.
Okay.ng reports that the EFCC, in a statement posted on its official website, accused the bank executives of facilitating multiple high-value cash transactions outside regulated financial channels in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges reads:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU, being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd, on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court, aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence…”
Another count alleged that both defendants, on March 13, 2025, conspired in Lagos to facilitate another $3 million cash payment to Mukhtar Miko, an associate of Suleiman Muhammed Chiroma, also without routing the funds through a financial institution.
When the charges were read in court, Buba and Mbagwu pleaded not guilty to all six counts.
Lead prosecution counsel, Rotimi Oyedepo, SAN, told the court the EFCC was prepared to proceed with trial immediately and requested an accelerated hearing.
However, defence counsel, J.J. Usman, SAN, urged the court to consider existing bail applications dated May 27, 2025, and admit the defendants to bail.
Oyedepo, in a sharp rebuttal, challenged the competence of the bail application on the grounds that:
“The defendants were neither under arrest nor in custody, nor had they appeared before the court when the bail was filed.”
He argued that filing for bail “from the comfort of their homes or offices” contravenes provisions of the Administration of Criminal Justice Act (ACJA) and urged the court to reject the application and demand fresh submissions.
Despite the prosecution’s objections, Justice Nwite granted bail to both defendants in the sum of ₦100 million each, with one surety apiece in like sum.
The judge added:
“Each surety must have landed property within Abuja, and the property documents must be deposited with the court. The sureties must also submit their international passports and two recent passport photographs.”
He further ordered that all supporting documents and residential addresses of the sureties be verified by the court before bail becomes effective.
Pending the fulfilment of these bail conditions, Justice Nwite ordered the remand of Buba and Mbagwu at a correctional facility.
The matter was adjourned till July 17 and 18, 2025, for continuation of trial.
