The Managing Director and CEO of SunTrust Bank Limited, Halima Buba alongside the Executive Director cum Chief Compliance Officer, Innocent Mbagwu have been docked before Justice Emeka Nwite of the Federal High Court, Abuja on Friday over alleged fraud.
The Economic and Financial Crimes Commission, EFCC, arraigned the duo on a six-count charge related to money laundering involving the sum of $12 million.
The defendants; Buba and Mbagwu are alleged to have violated key provisions of the Money Laundering (Prevention and Prohibition) Act, 2022 by facilitating illegal cash transactions without passing through a financial institution.
According to EFCC spokesperson Dele Oyewale, in a statement said the charges stem from transactions allegedly conducted in March 2025 in Abuja and Lagos.
SunTrust Bank: Charges against defendants
One of the charges reads: “That you, Halima Buba, Managing Director/Chief Executive Officer SunTrust Bank Limited, 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 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
Another count accuses the defendants of conspiring to make a further cash payment of $3 million in Lagos to another associate of Suleiman Muhammed Chiroma on March 13, 2025, also without channeling the funds through a financial institution.
Both defendants pleaded not guilty to all six charges when they were read to them in court.
Following their plea, the lead prosecution counsel, Rotimi Oyedepo, SAN, announced the EFCC’s readiness to commence trial and requested an accelerated hearing.
However, Defence Counsel J.J. Usman, SAN, urged the court to grant bail to his clients based on applications dated May 27, 2025.
Oyedepo opposed the bail applications, arguing that they were procedurally flawed. He noted that the applications were filed when the defendants were neither in custody nor had they appeared in court, contrary to the provisions of the Administration of Criminal Justice Act, ACJA. He therefore urged the court to disregard the applications and require the defendants to file fresh bail motions.
SunTrust Bank: Defendants’ granted bail
Despite the prosecution’s objection, Justice Emeka Nwite granted each of the defendants bail in the sum of N100 million and one surety each in like sum. The sureties must possess verifiable landed property within Abuja, and are required to submit property documents, their international passports, and two recent passport photographs to the court.
The judge further directed that all documents and residences of the sureties be verified by court officials before the defendants can be released. Pending the fulfilment of these conditions, the defendants are to be remanded in a correctional facility.
Justice Nwite adjourned the case to July 17 and 18, 2025, for the continuation of trial.
