The Economic and Financial Crimes Commission (EFCC) has arraigned two senior executives of SunTrust Bank, Halima Buba and Innocent Mbagwu, for allegedly laundering $12 million.
Buba, the bank’s Managing Director/CEO, and Mbagwu, the Executive Director/Chief Compliance Officer, were brought before Justice Emeka Nwite of the Federal High Court, Abuja, on Friday, June 13, 2025.
The EFCC confirmed the arraignment in a statement on its official X handle, noting that the case involves a six-count charge bordering on money laundering.
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 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…”
Another count states: “That you, HALIMA BUBA… and INNOCENT MBAGWU… on the 13th day of March, 2025 in Lagos… conspired amongst yourselves to make a cash payment of… Three Million United States Dollars ($3,000,000) to Mukhtar Miko, an associate of Suleiman Muhammed Chiroma without going through a financial institution…”
The defendants pleaded not guilty to all charges.
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Lead EFCC counsel, Rotimi Oyedepo, SAN, told the court the prosecution was ready to proceed and called for an accelerated trial.
Defence counsel, J.J. Usman, SAN, urged the court to uphold their earlier bail applications dated May 27, 2025.
Oyedepo, however, dismissed those applications as “incompetent,” arguing that they were filed while the defendants were still at home and had not been arrested or brought before the court.
He insisted that the bail requests violated the Administration of Criminal Justice Act and should be struck out.
Despite opposition from the prosecution, Justice Nwite granted the defendants bail.
He set bail at ₦100 million each, with one surety in like sum.
The court ordered that each surety must own landed property in Abuja, submit title documents and passport photographs, and have their residence verified by the court.
Until their bail conditions are met, the court ordered that both Buba and Mbagwu be remanded in a correctional facility.
The trial has been adjourned to July 17 and 18, 2025.