ABUJA – June 14, 2025- The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, the Managing Director and Chief Executive Officer of SunTrust Bank Ltd, and Innocent Mbagwu, the Executive Director and Chief Compliance Officer of the bank, over alleged money laundering offences totalling \$12 million.
The arraignment took place on Friday before Justice Emeka Nwite of the Federal High Court in Abuja. Both top executives were charged alongside others in a six-count charge filed by the EFCC, accusing them of facilitating unlawful cash transactions outside legal financial systems.
According to the prosecution, Buba and Mbagwu handled large cash transactions, failing to report or process the funds through authorised financial channels as mandated by Nigerian law. One of the charges alleges that on **March 10, 2025**, in Abuja, the defendants helped one **Femi Gbamgboye** make a **\$3 million** cash payment to **Suleiman Muhammed Chiroma** and his associates—without any financial institution involved.
A second charge states that just three days later, on March 13, 2025, in Lagos, the executives conspired to enable another $3 million cash payment to Mukhtar Miko, also linked to Chiroma, again in clear violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Both Buba and Mbagwu pleaded not guilty to all charges.
Lead EFCC prosecutor Rotimi Oyedepo (SAN) confirmed the Commission’s readiness to begin trial immediately, requesting the court for an accelerated hearing.
However, the defence counsel, .J. Usman (SAN), filed a motion for bail dated May 27, 2025, requesting that the defendants be released pending trial.
Oyedepo opposed the motion, arguing that since the bail application was filed before arrest, it was irregular. “You cannot sit in your home and file for bail before being brought before the law,” he told the court.
Justice Nwite, after hearing both arguments, granted each defendant bail in the sum of ₦100 million, with one surety each in like sum. The sureties must possess titled landed property within Abuja, deposit their original documents with the court, and provide two passport photographs and international passports.
The judge ordered that the defendants be remanded at a correctional facility until their bail conditions are fulfilled.
Justice Nwite then adjourned the case to July 17 and 18, 2025, for commencement of trial.
This marks another significant step in EFCC’s drive to tackle high-level financial crimes within Nigeria’s banking sector.
The EFCC maintains that its investigation into the case is ongoing, and more revelations could emerge as proceedings progress.
