The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, 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.
The two top bank officials are being prosecuted on a six-count charge, bordering on money laundering to the tune of $12 million (Twelve Million Dollars).
According to the charge sheet presented by the EFCC, Buba and Mbagwu allegedly aided high-value cash transactions without routing them through a financial institution, which contravenes provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Details of the charges
One of the counts 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 contrary to Section 21(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
Another count alleges that:
“On the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court [they] conspired amongst [themselves] to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution.”
The cumulative transactions allegedly laundered are said to total $12 million.
Defendants plead not guilty
When the charges were read to the defendants, they pleaded not guilty. The EFCC’s lead prosecution counsel, Rotimi Oyedepo, SAN, informed the court that the Commission was ready to proceed with the trial and requested an accelerated hearing of the case.
On the other hand, defence counsel, J.J. Usman, SAN, urged the court to grant bail to the defendants, citing pending bail applications dated May 27, 2025.
Oyedepo objected to the May 27 bail application, arguing that it was incompetent. He pointed out that the defendants were neither under arrest, nor in detention, nor had they appeared before the court at the time the application was filed.
He noted that the application was made from the comfort of their homes or offices when no action had been taken against them, and urged the court to disregard the request and direct the defendants to submit fresh applications in court.
What the Judge said
Justice Emeka Nwite ruled in favour of the defence and granted the defendants bail in the sum of N100 million each. The court further stipulated that each defendant must provide one surety in like sum.
The sureties must possess landed property within Abuja, and the court ordered that:
- Full particulars of the properties must be deposited with the court.
- Sureties are to submit two recent passport photographs and their passports.
- The documents and residences of the sureties must be verified before approval.
- Until their bail conditions are met, the defendants are to be remanded in a correctional facility.
Justice Nwite adjourned the matter to July 17 and 18, 2025 for the continuation of trial.
