The Economic and Financial Crimes Commission (EFCC) arraigned Halima Buba, Managing Director/CEO, and Innocent Mbagwu, Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, before Justice Emeka Nwite at the Federal High Court, Abuja, on Friday, June 13, 2025, over an alleged $12 million money laundering fraud.
The six-count charge accuses the duo of facilitating large cash payments totaling $12 million to associates without going through regulated financial institutions, violating the Money Laundering (Prevention and Prohibition) Act, 2022. Specifically, counts include aiding cash payments of $3 million each on March 10 and March 13, 2025, to Suleiman Muhammed Chiroma and associates, and conspiring to make similar payments to Mukhtar Miko.
Both defendants pleaded not guilty. The prosecution, led by Rotimi Oyedepo, SAN, expressed readiness to proceed with trial and requested accelerated hearing. The defense reminded the court of pending bail applications filed on May 27, 2025.
The prosecution challenged the bail applications as invalid since the defendants were not yet arrested or in court custody, urging fresh bail applications. Nevertheless, Justice Nwite granted bail to each defendant in the sum of ₦100 million with one surety each, requiring sureties to have landed property in Abuja and submit passports and photographs for verification.
The defendants were remanded in correctional custody pending fulfillment of bail conditions. The trial was adjourned to July 17 and 18, 2025, for continuation.
This high-profile case underscores ongoing efforts by the EFCC to clamp down on financial crimes involving top banking executives in Nigeria.
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