The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba and Innocent Mbagwu, top executives of SunTrust Bank Limited, before Justice Emeka Nwite of the Federal High Court in Abuja over their alleged involvement in a multi-million-dollar money laundering operation.
According to the EFCC, Buba, who serves as the Managing Director and Chief Executive Officer of SunTrust Bank, and Mbagwu, the bank’s Executive Director and Chief Compliance Officer, are being prosecuted on a six-count charge bordering on unlawful financial dealings and money laundering. The charges relate to transactions totaling $12 million (approximately ₦18 billion), which were allegedly carried out in violation of Nigeria’s anti-money laundering laws.
Specifics of the Alleged Offences
One of the central accusations, outlined in the second count of the charge sheet, alleges that on March 10, 2025, in Abuja, the defendants aided a suspect, Femi Gbamgboye, in executing a cash transaction amounting to $3 million. The funds were reportedly transferred to one Suleiman Muhammed Chiroma and his associates without channeling the transaction through a licensed financial institution, a move that contravenes Sections 21(a), 2(1), and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act of 2022. The offence is punishable under Section 19(2)(b) of the same legislation.
In another charge, listed as count three, the EFCC claims that on March 13, 2025, in Lagos, Buba and Mbagwu conspired to make a similar $3 million cash payment to one Mukhtar Miko, an associate of Chiroma, again bypassing the formal banking system. This, the EFCC argues, was done with the intent of evading financial oversight, thereby breaching anti-money laundering regulations.
Court Proceedings
When the charges were read, both Buba and Mbagwu pleaded not guilty to all counts. Following their plea, the lead prosecuting counsel, Senior Advocate of Nigeria (SAN) Rotimi Oyedepo, informed the court of the prosecution’s preparedness to proceed with the trial without delay and requested an accelerated hearing schedule.
In response, defence counsel J.J. Usman, SAN, urged the court to consider and rule on existing bail applications previously filed on May 27, 2025. However, Oyedepo contested the validity of those applications, arguing that they were submitted before the defendants were officially arraigned and while they were not in custody. He pointed out that, according to the provisions of the Administration of Criminal Justice Act (ACJA), bail applications should be made after a defendant has either been arrested or made their first court appearance.
Oyedepo further criticized the defence for attempting to obtain bail “from the comfort of their homes,” describing such action as a procedural abuse and asked the court to disregard the earlier filings, suggesting instead that new bail applications be submitted in accordance with legal guidelines.
Bail Conditions and Adjournment
After hearing arguments from both sides, Justice Nwite granted bail to the two defendants, setting the bond at ₦100 million each. As part of the conditions, each defendant is required to produce a surety of equal financial standing, who must own verifiable landed property within the Federal Capital Territory, Abuja.
The court further directed that the sureties deposit their international passports and two recent passport-sized photographs. All documents provided including property deeds and proof of residential addresses must be submitted to the court for verification before bail would be approved.
Pending fulfillment of these conditions, the judge ordered that the defendants be held in a correctional facility.
The case was subsequently adjourned to July 17 and 18, 2025, for the continuation of trial proceedings.
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