By Atoyebi Nike
The Economic and Financial Crimes Commission (EFCC) has arraigned two senior executives of SunTrust Bank before the Federal High Court in Abuja. They are accused of laundering $12 million.
The defendants are Halima Buba, the Managing Director/CEO, and Innocent Mbagwu, the Executive Director/Chief Compliance Officer. They were brought before Justice Emeka Nwite on Friday, June 13, on a six-count charge.
One charge says the duo aided Femi Gbamgboye to make a $3 million cash payment to Suleiman Muhammed Chiroma and his associates. This allegedly happened on March 10, 2025, in Abuja, without using a financial institution.
Another charge alleges that, on March 13, 2025, in Lagos, Buba and Mbagwu conspired to pay $3 million in cash to Mukhtar Miko, another associate of Chiroma, also without routing the funds through a bank.
The EFCC says these actions breach the Money Laundering (Prevention and Prohibition) Act, 2022.
Both defendants pleaded not guilty.
EFCC prosecutor, Rotimi Oyedepo, SAN, told the court the agency was ready for trial. He asked the court for a fast-tracked hearing.
Defense counsel, J.J. Usman, SAN, asked the court to consider earlier bail applications, filed on May 27, 2025. Oyedepo objected. He said the applications were filed while the defendants were not in custody or before the court, making them invalid.
Justice Nwite disagreed. He granted bail to both Buba and Mbagwu.
Each was granted bail in the sum of ₦100 million. Each must provide one surety in like sum. The sureties must own property in Abuja. Property documents and two recent passport photos must be submitted to the court. All documents and residences will be verified.
The judge ordered that the defendants be held in a correctional facility until they meet their bail terms. The trial resumes July 17 and 18, 2025.
