The Economic and Financial Crimes Commission (EFCC) arraigned Halima Buba, Managing Director and CEO of SunTrust Bank Ltd, alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, on charges of money laundering involving $12 million.
The Federal High Court in Abuja, presided over by Justice Emeka Nwite, heard that the two senior bank officials allegedly facilitated large cash payments without routing them through financial institutions, violating the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the charge sheet, Buba and Mbagwu aided a $3 million cash payment on March 10, 2025, in Abuja to Suleiman Muhammed Chiroma and associates, and conspired to make another $3 million cash payment on March 13, 2025, in Lagos to Mukhtar Miko, an associate of Chiroma, both without proper financial institution involvement. The total amount involved in the alleged laundering activities is $12 million.
Both defendants pleaded not guilty when the charges were read. The EFCC’s lead counsel, Rotimi Oyedepo, SAN, requested an accelerated hearing, while the defense counsel, J.J. Usman, SAN, sought bail for the accused.
Justice Nwite granted bail set at N100 million each, with the condition that each defendant must provide one surety owning landed property in Abuja. The sureties’ documents and residences must be verified before approval. Until bail conditions are met, the defendants remain in custody.
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