The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, Managing Director and CEO of SunTrust Bank Ltd, and Innocent Mbagwu, Executive Director and Chief Compliance Officer, on allegations of laundering $12 million.
The duo appeared before Justice Emeka Nwite of the Federal High Court in Abuja on Friday, where they were slammed with a six-count charge bordering on money laundering. The EFCC alleges that both officials facilitated multi-million-dollar cash transactions without routing them through financial institutions, a violation of Nigeria’s anti-money laundering laws.
One of the charges claims that on March 10, 2025, in Abuja, the defendants aided the payment of $3 million in cash to Suleiman Muhammed Chiroma and others on behalf of Femi Gbamgboye. Another charge accuses them of facilitating a similar $3 million cash payment on March 13 in Lagos to Mukhtar Miko, also without passing through proper banking channels.
Both Buba and Mbagwu pleaded not guilty.
Lead EFCC prosecutor, Rotimi Oyedepo, requested an expedited trial, while defence counsel J.J. Usman sought bail for the accused based on a prior application. The prosecution opposed the bail plea, arguing that it was improperly filed while the defendants were not in custody.
Justice Nwite, however, granted bail to each defendant in the sum of ₦100 million, requiring one surety each who must own landed property in Abuja. The court also mandated the deposit of property documents, passport photographs, and international passports.
The defendants were remanded in correctional custody pending the fulfilment of their bail conditions. The court adjourned the case to July 17 and 18 for trial commencement.
