The Economic and Financial Crimes Commission (EFCC) brought charges against the managing director of SunTrust Bank, Halima Buba and the bank’s executive director/chief compliance officer, Innocent Mbagwu, before Justice Emeka Nwite at the Federal High Court in Abuja for alleged fraudulent activities.
As stated by the EFCC, the accused, who hold top positions at SunTrust Bank Ltd, are facing prosecution on a six-count indictment related to money laundering involving a total of $12 million (Twelve Million Dollars).
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.”
The second count of the indictment specifies that 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 10th of March, 2025, in Abuja, within the jurisdiction of the Honourable Court, assisted Femi Gbamgboye in executing a cash transaction amounting to Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without utilizing a financial institution, thereby committing an offence in violation of Section 21(a), 2(1), and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, which is punishable under Section 19(2)(b) of the same Act.
Count three reads: “That you, HALIMA BUBA, the Managing Director/ChiefExecutive 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 2l(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 the charges.
Following their plea, Rotimi Oyedepo, the lead counsel for the EFCC, expressed the Commission’s readiness to proceed with the trial and requested an expedited hearing.
In contrast, defense counsel J.J. Usman urged the court to consider pending bail applications submitted on May 27 and to grant bail to his clients. In response, Oyedepo argued that the application was invalid because it was filed while the defendants were neither under arrest nor had they appeared in court.
He described the attempt as seeking “bail from the comfort of their homes or offices” and urged the court to disregard it and require the submission of fresh applications.
However, Justice Nwite admitted the defendants to bail in the sum of N100 million each, with one surety for each defendant in a similar amount. The sureties must own landed properties in Abuja, submit their passport photographs and international passports to the court, and verify all documents and residences.