Korede Abdullah in Lagos
The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, Managing Director and Chief Executive Officer of SunTrust Bank Ltd, and Innocent Mbagwu, Executive Director and Chief Compliance Officer, before Justice Emeka Nwite of the Federal High Court in Abuja.
According to the EFCC’s official X handle on Friday, the duo faces a six-count charge bordering on money laundering to the tune of $12 million.
The statement says that the alleged offenses involve facilitating large cash transactions outside regulated financial institutions, contravening the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges reads, “That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director/Chief Compliance Officer SunTrust Bank Ltd 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.”
Both defendants pleaded not guilty to all six charges. The prosecution counsel, Rotimi Oyedepo, SAN, stated, “The prosecution is ready to proceed with the trial,” and prayed for an accelerated hearing.
Justice Nwite admitted the defendants to bail in the sum of N100 million each, with one surety each in like sum.
The sureties must have landed properties in Abuja, deposit their passports, and two recent passport photographs with the court.
Pending fulfillment of their bail terms, the court ordered that they be remanded in a correctional facility. The trial was adjourned to July 17 and 18 for continuation.
