Society Gists

The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, arraigned Halima Buba and Innocent Mbagwu, top executives of SunTrust Bank Ltd, before Justice Emeka Nwite of the Federal High Court, Abuja, on charges of alleged money laundering involving a staggering sum of $12 million. Buba, who serves as the Managing Director and Chief Executive Officer of the bank, and Mbagwu, the Executive Director and Chief Compliance Officer, are facing a six-count charge bordering on money laundering in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022.

In one of the charges—Count Two—the EFCC accused the defendants of aiding a suspect, Femi Gbamgboye, in making a cash payment of $3 million to Suleiman Muhammed Chiroma and his associates on March 10, 2025, without passing through a financial institution, a clear breach of money laundering laws.

The charge 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 within the jurisdiction of the Honourable Court 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 and thereby committed an offence contrary to Section 2l(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2)(b) of the same Act.”

Another count—Count Three—alleges that on March 13, 2025, in Lagos, the defendants conspired to make another $3 million cash payment to Mukhtar Miko, also an associate of Chiroma, without involving a financial institution.

Both Buba and Mbagwu pleaded “not guilty” to all six charges when they were read to them in court. Following their pleas, the lead prosecution counsel, Rotimi Oyedepo, SAN, informed the court of the EFCC’s readiness to commence trial and requested an accelerated hearing of the matter.

However, the defence counsel, J.J. Usman, SAN, urged the court to consider bail applications filed earlier on May 27, 2025. He prayed the court to grant bail to the defendants on the strength of those applications.

In a swift rebuttal, Oyedepo argued that the May 27 bail applications were legally defective. He noted that the defendants were not under arrest, detention, or in any form of custody at the time the applications were filed, as required by the Administration of Criminal Justice Act (ACJA).

According to him, the defendants attempted to secure anticipatory bail “from the comfort of their homes and offices,” in defiance of legal procedure.

He therefore urged the court to reject the applications and direct the defence to file new bail requests properly within the context of their arraignment.

Despite the prosecution’s objections, Justice Nwite granted the defendants bail in the sum of N100 million each, with one surety each in like sum. The sureties must own landed property within Abuja, and are required to deposit the property documents with the court.

The judge further ordered the sureties to submit their international passports and two recent passport-sized photographs, with all documents and addresses to be verified before the bail is approved.

Justice Nwite ruled that both defendants be remanded in a correctional facility pending the fulfillment of their bail conditions. The case has been adjourned to July 17 and 18, 2025, for continuation of trial.