The Economic and Financial Crimes Commission (EFCC) on Friday, arraigned the managing director of SunTrust Bank, Halima Buba and the bank’s executive director/chief compliance officer, Innocent Mbagwu, before Justice Emeka Nwite of the Federal High Court in Abuja over allegations of money laundering amounting to $12 million.
Buba and Mbagwu were brought before the court on a six-count charge bordering on alleged violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges read: “That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, 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 charge alleged that on March 13, in Lagos, both defendants conspired to make another cash payment of $3 million to one Mukhtar Miko, an associate of Suleiman Muhammed Chiroma, again without routing it through a financial institution.
Both defendants pleaded “not guilty” to the charges.
Following their plea, EFCC’s lead counsel, Rotimi Oyedepo, expressed the Commission’s readiness to proceed with trial and prayed for an accelerated hearing.
However, defence counsel, J.J. Usman, urged the court to consider pending bail applications filed on May 27, and grant his clients bail.
In response, Oyedepo argued that the application was incompetent as it was filed while the defendants were neither under arrest nor had appeared in court. He described the move as “bail from the comfort of their homes or offices” and urged the court to disregard it and request fresh applications.
Justice Nwite, however, admitted the defendants to bail in the sum of N100 million each, with one surety each in like sum.
The sureties are to own landed properties in Abuja, submit their passport photographs and international passports to the court, and undergo verification of all documents and residences.
The judge ordered that the defendants be remanded in a correctional facility pending the fulfilment of their bail conditions and adjourned the matter till July 17 and 18 for continuation of trial.