SunTrust Bank executives arraigned over alleged $12 million money laundering

The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, arraigned Halima Buba and Innocent Mbagwu before Justice Emeka Nwite of the Federal High Court in Abuja over an alleged $12 million money laundering case.

Buba, the Managing Director and CEO of SunTrust Bank Ltd, and Mbagwu, the Executive Director and Chief Compliance Officer of the same bank, are facing a six-count charge involving suspicious cash transactions that allegedly violated money laundering laws.

One of the charges stated that on March 10, 2025, the defendants aided a cash payment of $3 million to Suleiman Muhammed Chiroma and associates in Abuja without going through a financial institution. Another charge alleged that on March 13, 2025, they conspired to make another $3 million cash payment in Lagos to an associate of Chiroma without using a financial institution.

Both defendants pleaded not guilty to all charges. Prosecution counsel Rotimi Oyedepo, SAN, expressed readiness to commence trial and requested an accelerated hearing. Defence counsel J.J. Usman, SAN, urged the court to grant bail, citing existing applications filed on May 27, 2025.

Oyedepo opposed the bail application, arguing that it was incompetent because the defendants filed it while not under arrest or in detention, contrary to provisions of the Administration of Criminal Justice Act (ACJA). He asked the court to disregard the application and requested that the defendants file fresh ones in court.

Despite the prosecution’s objection, Justice Nwite granted each defendant bail in the sum of N100 million, with one surety each in the same amount. The sureties must own landed property in Abuja and submit proof of ownership, passport photos, and travel documents to the court.

The judge also directed that the sureties’ documents and residences be verified before bail could be perfected. Until then, the defendants are to remain in a correctional facility.

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