The Economic and Financial Crimes Commission (EFCC) arraigned two senior executives of SunTrust Bank Nigeria Limited, Halima Buba, the Managing Director/CEO, and Innocent Mbagwu, the Executive Director/Chief Compliance Officer, before Justice Emeka Nwite at the Federal High Court in Abuja on June 13, 2025.
The duo faces a six-count charge of conspiracy and money laundering involving $12 million, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
The EFCC alleges that Buba and Mbagwu facilitated illicit cash transactions to bypass financial regulations. One charge claims that on March 10, 2025, in Abuja, they aided Femi Gbamgboye in making a $3 million cash payment to Suleiman Muhammed Chiroma and associates without using a financial institution, breaching Sections 2(1)(a), 2(1), and 19(1)(d) of the Money Laundering Act.
Another count accuses them of conspiring in Lagos on March 13, 2025, to deliver another $3 million in cash to Mukhtar Miko, an associate of Chiroma, also bypassing regulatory channels. The EFCC described these transactions as deliberate attempts to evade oversight and enable illegal financial activities.
Both defendants pleaded not guilty to all charges. EFCC prosecutor Rotimi Oyedepo (SAN) pressed for an expedited trial, signaling the agency’s intent to pursue the case rigorously. Defence counsel J.J.
Usman (SAN) requested bail, citing a May 27, 2025, application. Oyedepo contested, labeling the application “incompetent” since the defendants were not detained or formally charged at the time of filing. He argued that bail requests must follow arrest or court appearance under the Administration of Criminal Justice Act and urged the court to dismiss the application, insisting on fresh submissions.
Justice Nwite, after hearing both sides, granted bail to each defendant at N100 million with one surety in the same amount. Sureties must own verified landed property in Abuja, deposit international passports, and provide two recent passport photographs. Until these conditions are met, Buba and Mbagwu were ordered remanded in a correctional facility.
The case, which has drawn attention due to the high-profile status of the defendants and the substantial sums involved, underscores the EFCC’s ongoing crackdown on financial crimes in Nigeria’s banking sector. The allegations raise questions about compliance mechanisms within SunTrust Bank and the broader challenge of enforcing anti-money laundering regulations.
The court adjourned the matter to July 17 and 18, 2025, for trial continuation, setting the stage for a closely watched legal battle. As the case unfolds, it could have significant implications for corporate governance and regulatory oversight in Nigeria’s financial industry.