The EFCC has arraigned SunTrust Bank executives over alleged $12 million fraud.
Glamtush reports that the Economic and Financial Crimes Commission (EFCC), on Friday, arraigned the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, and the Executive Director/Chief Compliance Officer, Innocent Mbagwu, before Justice Emeka Nwite of the Federal High Court, Abuja.
This online news platform understands that the duo are standing trial on a six-count charge bordering on money laundering to the tune of $12 million (twelve million dollars).
According to the EFCC, in a statement on its official X account, the alleged offences involve facilitating large cash transactions outside regulated financial institutions in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges reads, “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 21(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
Another count reads: “That you, HALIMA BUBA, the Managing Director/Chief Executive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 21(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
Both defendants pleaded not guilty to all six charges when they were read to them. Following the plea, lead prosecution counsel, Rotimi Oyedepo, SAN, stated, “The prosecution is ready to proceed with the trial,” and prayed the court for an accelerated hearing of the case.”
On the other hand, defence counsel, J.J. Usman, SAN, urged the court to uphold existing bail applications: “The defence counsel, J.J. Usman, SAN, on his part, reminded the court of subsisting bail applications of the defendants, dated May 27, 2025 and prayed that the court should uphold the applications and admit the defendants to bail.”
Responding, Oyedepo challenged the validity of the bail application: “The prosecution counsel in his response, described the May 27, 2025 bail application of the defendants as incompetent, given that the defendants were neither under arrest, nor in detention, nor have appeared before the court, being the grounds provided by the Administration of Criminal Justice Act, ACJA that should precipitate a bail application, but rather applied for bail from the comfort of their homes or offices when no action has been taken against them.”
He further urged the court to reject the existing applications: “He therefore prayed the court to discountenance the said bail application and urged the defendants to make fresh bail applications in court. While the position of the prosecution met opposition from the defence, Justice Nwite, however, admitted the defendants to bail in the sum of N100 million (One Hundred Million Naira), each as well as one surety each, in like sum.”
Justice Nwite laid out conditions for bail: “The sureties he held must have landed properties in Abuja, of which the particulars of the properties would be deposited with the court. The sureties are also to deposit their passports and two recent passport photographs with the court.”
“In addition, all the documents the sureties provided, including their residences, must be verified by the court before approval.”
Pending the fulfilment of their bail terms, the court gave further orders: “He ordered that they should 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.”
The arraignment marks a significant development in EFCC’s efforts to clamp down on corporate financial misconduct involving top banking executives.
