The Economic and Financial Crimes Commission (EFCC) on Friday arraigned two top executives of SunTrust Bank, Halima Buba and Innocent Mbagwu, before Justice Emeka Nwite of the Federal High Court in Abuja over allegations of a $12 million money laundering scheme.
Dele Oyewale the commission’s spokesperson in an official signed statement disclosed that Buba, the Managing Director/Chief Executive Officer, and Mbagwu, the Executive Director/Chief Compliance Officer of SunTrust Bank, are facing a six-count charge relating to unlawful cash transactions and conspiracy to launder large sums of money, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
In one of the charges, the EFCC alleged that on March 10, 2025, the defendants aided the payment of $3 million in cash to one Suleiman Muhammed Chiroma and his associates in Abuja, bypassing official financial institutions. Another charge detailed a similar $3 million cash transaction on March 13, 2025, in Lagos, allegedly made to Mukhtar Miko, an associate of Chiroma.
The EFCC, represented by lead prosecution counsel Rotimi Oyedepo, SAN, expressed readiness to proceed with trial and urged the court for an accelerated hearing. However, the defence, led by J.J. Usman, SAN, urged the court to grant bail based on an earlier application submitted on May 27, 2025.
Oyedepo opposed the bail request, arguing that it was procedurally flawed since the defendants were neither in custody nor arraigned at the time it was filed. He asked the court to disregard the pre-emptive application and direct the defendants to file fresh bail requests in court.
Despite opposition from the prosecution, Justice Nwite granted each of the defendants bail in the sum of N100 million, with one surety each in the same amount. The sureties are required to present documents of landed property in Abuja, deposit their international passports, and provide two recent passport photographs. The court also mandated that all documents and residential addresses of the sureties be verified before approval.
Pending the fulfilment of their bail conditions, the court ordered that Buba and Mbagwu be remanded in a correctional facility. The case has been adjourned to July 17 and 18, 2025, for continuation of trial.
