Bank MD remanded over $12m money-laundering

Economic and Financial Crimes Commission (EFCC) on Friday arraigned Halima Buba, Chief Executive Officer of SunTrust Bank Nigeria Limited, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, before Justice Emeka Nwite of the Federal High Court, Abuja.

The duo face a six‑count charge alleging money laundering to the tune of $12 million.

Both defendants pleaded “not guilty” when the charges were read to them. Lead prosecution counsel Rotimi Oyedepo, SAN, informed the court of the prosecution’s readiness to proceed and urged for an accelerated hearing.

Count two of the charge states: “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(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”

Count three further alleges: “That you, HALIMA BUBA, the Managing Director/Chief Executive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma 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.”

Bail Application Dispute

Defence counsel J. J. Usman, SAN, reminded the court of subsisting bail applications dated May 27, 2025, and urged that the court admit the defendants to bail. Prosecution counsel countered that the application was “incompetent,” noting neither Buba nor Mbagwu were under arrest, detention, nor had appeared before the court as required by the Administration of Criminal Justice Act (ACJA). He described the applications as made “from the comfort of their homes or offices” and prayed they be discountenanced.

Justice Nwite granted bail in the sum of ₦100 million each, with one surety in like sum. The sureties must have landed property in Abuja, deposit their passports and two passport photographs with the court, and submit verified residence documents. The defendants were remanded in a correctional facility pending fulfilment of bail conditions.

The trial was adjourned to July 17 and 18, 2025, for continuation.