The Economic and Financial Crimes Commission (EFCC) on Friday arraigned the Managing Director/Chief Executive Officer of SunTrust Bank, Halima Buba, and the bank’s Executive Director/Chief Compliance Officer, Innocent Mbagwu, over their alleged involvement in a $12 million money laundering scheme.
The two senior bank officials were brought before Justice Emeka Nwite at the Federal High Court in Abuja, where they were accused of aiding the illegal cash movement of millions of dollars without passing through any financial institution—a direct breach of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges alleged that on March 10, 2025, the defendants facilitated a $3 million cash transaction to Suleiman Muhammed Chiroma and associates. Another count accused them of conspiring, three days later in Lagos, to make another $3 million payment to Mukhtar Miko, also without routing it through the banking system.
Both Buba and Mbagwu pleaded not guilty to all charges.
Lead prosecuting counsel, Rotimi Oyedepo (SAN), urged the court to commence trial immediately, arguing against the validity of a pre-filed bail application by the defence, which he said was made while the defendants were neither arrested nor in custody.
Defence counsel, J.J. Usman (SAN), insisted on the court hearing the bail applications already submitted on May 27, 2025.
Justice Nwite, in his ruling, granted each defendant bail in the sum of ₦100 million with one surety each in like sum. The sureties must own verifiable landed property in Abuja and submit relevant documents, including passports and recent photographs, to the court. All details must be confirmed by court officials.
Pending the fulfilment of the bail conditions, both Buba and Mbagwu are to remain in a correctional facility.
The matter was adjourned to July 17 and 18 for continuation of trial.
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