Top executives of SunTrust Bank Limited, Halima Buba and Innocent Mbagwu, were on Friday, June 13, 2025, arraigned before Justice Emeka Nwite of the Federal High Court in Abuja by the Economic and Financial Crimes Commission (EFCC) over an alleged $12 million money laundering scheme.
Buba, the Managing Director/Chief Executive Officer of SunTrust Bank, and Mbagwu, the Executive Director/Chief Compliance Officer, are facing a six-count charge bordering on money laundering and illegal cash transactions.
One of the charges alleges that on March 10, 2025, in Abuja, the defendants aided a cash payment of $3 million to Suleiman Muhammed Chiroma and associates, without routing it through a financial institution — a violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another charge claims that on March 13, 2025, in Lagos, Buba and Mbagwu conspired to make another $3 million cash payment to one Mukhtar Miko, an associate of Chiroma, again bypassing legal banking channels.
Both defendants pleaded not guilty to all charges when they were read in court.
Lead prosecution counsel, Rotimi Oyedepo (SAN), expressed the EFCC’s readiness to proceed with trial and urged for an accelerated hearing. However, defence counsel, J.J. Usman (SAN), sought the court’s consideration of a bail application dated May 27, 2025.
Oyedepo opposed the application, arguing that it was procedurally flawed, as the defendants were not in custody or before the court at the time it was filed — a requirement under the Administration of Criminal Justice Act (ACJA). He urged the court to reject the bail request and compel the defendants to reapply in open court.
Despite the prosecution’s objection, Justice Nwite granted bail to the defendants, setting the amount at ₦100 million each, with one surety per defendant in the same sum. The sureties must possess landed property in Abuja, submit property documents, two recent passport photographs, and their international passports to the court. All documents and addresses are to be verified by court officials.
Pending the fulfilment of these bail conditions, the judge ordered that the defendants be remanded in a correctional facility.
The case was adjourned to July 17 and 18, 2025, for the continuation of trial.
