EFCC Arraigns SunTrust Directors, Halima Buba, Innocent Ubagwu Over Alledged $12Million Money Laundering
The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, arraigned two top executives of SunTrust Bank Nigeria Limited, Halima Buba and Innocent Mbagwu, before Justice Emeka Nwite of the Federal High Court in Abuja. Nigerian cultural tours
The duo were arraigned over their alleged involvement in laundering a total sum of $12 million (Twelve Million United States Dollars).
Buba, who is the Managing Director/Chief Executive Officer of the bank, and Mbagwu, the Executive Director/Chief Compliance Officer, are standing trial on a six-count charge bordering on conspiracy and money laundering in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges, count two, alleges that both bankers on March 10, 2025, in Abuja, “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.”
The EFCC says the act violates Section 2(1)(a), 2(1), and 19(1)(d) of the Money Laundering Act, and is punishable under Section 19(2)(b).
The Economic and Financial Crimes Commission, EFCC on Friday, June 13, 2025 arraigned the duo of Halima Buba and Innocent Mbagwu before Justice Emeka Nwite of the Federal High Court, Abuja for alleged fraud.
The defendants, who are Managing Director/Chief Executive Officer Sun Trust Bank
Another count accuses them of conspiring on March 13, 2025, in Lagos “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.”
The EFCC said the alleged transactions were designed to circumvent regulatory oversight and promote illicit financial activities.
The defendants, however, pleaded not guilty to all the charges.
Following their plea, the lead EFCC prosecutor, Rotimi Oyedepo (SAN), told the court: “We are ready to proceed with the trial and we pray for an accelerated hearing of the case.”
In response, defence counsel, J.J. Usman (SAN), urged the court to grant the defendants bail, reminding the court of a subsisting application dated May 27, 2025.
But Oyedepo objected, describing the bail application as “incompetent,” arguing that “the defendants were neither under arrest, nor in detention, nor have appeared before the court,” which he said are the necessary grounds for a bail request under the Administration of Criminal Justice Act.
He added that the bail was filed “from the comfort of their homes or offices when no action had been taken against them.” He urged the court to disregard the application and compel the defence to file fresh bail applications in court.
After listening to both parties, Justice Nwite ruled in favour of the defence, granting each defendant bail in the sum of N100 million and one surety each in like sum. He ordered that the sureties must own landed property in Abuja, and the details must be verified by the court. The sureties are also to deposit their international passports and two recent passport photographs.
Until the bail conditions are met, the judge ordered that both defendants be remanded in a correctional facility.
The court adjourned the case to July 17 and 18 for continuation of trial.
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