On Friday, June 13, 2025, the Economic and Financial Crimes Commission (EFCC) arraigned two top executives of SunTrust Bank—Halima Buba, the Managing Director/CEO, and Innocent Mbagwu, the Executive Director/Chief Compliance Officer—before Justice Emeka Nwite of the Federal High Court in Abuja. They are being prosecuted on a six-count charge involving alleged money laundering totaling $12 million.
According to the charges, Buba and Mbagwu allegedly facilitated large-scale cash transactions outside of financial institutions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Key Allegations:
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Count Two alleges that on March 10, 2025, in Abuja, the defendants aided a $3 million cash payment by Femi Gbamgboye to Suleiman Muhammed Chiroma and associates, bypassing any financial institution.
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Count Three states that on March 13, 2025, in Lagos, the executives conspired to make another $3 million cash payment to one Mukhtar Miko, linked to Chiroma, again without routing it through a financial institution.
The EFCC argues that these actions violate Sections 2(1), 21(a), and 19(1)(d) of the Money Laundering Act and are punishable under Section 19(2)(b).
Both defendants pleaded not guilty to all charges.
Bail Proceedings:
Defense counsel J.J. Usman (SAN) sought the court’s approval of pre-filed bail applications dated May 27, 2025. However, the prosecution, led by Rotimi Oyedepo (SAN), argued the applications were invalid because they were submitted before the defendants had been arrested or arraigned.
Despite objections, Justice Nwite granted bail to each defendant in the sum of ₦100 million, with one surety each in the same amount. The sureties must:
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Own verifiable landed property in Abuja.
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Submit property documents to the court.
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Provide their passports and two recent passport photographs.
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Undergo verification of all submitted documents and residential addresses.
Pending the fulfillment of these bail conditions, both defendants are to be remanded in a correctional facility.
The court adjourned the trial to July 17 and 18, 2025 for continuation.
