The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, arraigned two top executives of SunTrust Bank Ltd—Halima Buba, the Managing Director/Chief Executive Officer, and Innocent Mbagwu, the Executive Director/Chief Compliance Officer—before Justice Emeka Nwite of the Federal High Court in Abuja. They are facing a six-count charge bordering on money laundering to the tune of $12 million (Twelve Million United States Dollars).
The case, filed by the EFCC, involves allegations of unlawful cash payments and conspiracy to bypass financial institutions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Grave Charges of Money Laundering by EFCC
According to the EFCC, Buba and Mbagwu allegedly facilitated illicit transactions by aiding third parties to move huge cash amounts outside the purview of regulatory banking procedures. One of the charges reads:
“That you, HALIMA BUBA… and INNOCENT MBAGWU… on the 10th day of March, 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…”
Another count accuses the defendants of conspiring to carry out another $3 million cash payment in Lagos, allegedly to Mukhtar Miko, a known associate of Suleiman Chiroma. These actions are said to have violated key sections of the 2022 Money Laundering Act, particularly regarding the illegality of large cash transactions without institutional mediation.
Both defendants entered “not guilty” pleas to all charges when they were read out in court.
Prosecution Pushes for Swift Trial
Lead prosecution counsel, Rotimi Oyedepo, SAN, informed the court of the EFCC’s readiness to begin immediate trial and requested an accelerated hearing of the matter. Oyedepo emphasized the seriousness of the allegations and the need for timely dispensation of justice.
He also raised concerns about the bail application dated May 27, 2025, describing it as incompetent and procedurally flawed. According to Oyedepo the EFCC legal representative, the defendants had not been arrested or brought before the court at the time the bail request was filed, a situation which he argued contravened the provisions of the Administration of Criminal Justice Act (ACJA).
“The defendants applied for bail from the comfort of their homes when no action had been taken against them,” Oyedepo told the court. He urged Justice Nwite to disregard the application and compel the defence to file fresh applications during the proceedings.
Defence Argues for Bail, Court Grants Conditional Release
In response, defence counsel J.J. Usman, SAN, stood firm on the admissibility of the earlier bail applications and asked the court to uphold the defendants’ fundamental rights, especially since they had made themselves available in court and posed no flight risk.
Despite the prosecution’s objections, Justice Emeka Nwite granted bail to the defendants in the sum of ₦100 million each, along with one surety apiece in like sum. The judge ruled that:
Each surety must own landed property within Abuja,
The property documents must be deposited with the court,
Sureties must surrender their passports and two recent passport photographs,
All documents and residences provided must be verified by court officials.
Justice Nwite also ordered the defendants to be remanded in a correctional facility pending the fulfillment of their bail conditions.
Case Adjourned for Continuation of Trial
With bail conditions firmly outlined, Justice Nwite adjourned the matter to July 17 and 18, 2025, for continuation of trial. The courtroom proceedings concluded with clear signals from both the prosecution and the defence that the case would be hotly contested.
The arraignment marks a significant step in the EFCC’s widening campaign to hold top banking officials accountable for enabling illicit financial transactions. Legal observers believe the trial will test the strength of Nigeria’s anti-money laundering laws and the resolve of the judiciary to penalize economic crimes involving high-profile defendants.
As the July court date approaches, attention will remain fixed on how both the EFCC and SunTrust Bank navigate the implications of the charges on corporate governance and financial transparency in Nigeria’s banking sector
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