Two top executives of SunTrust Bank Ltd were on Friday arraigned before Justice Emeka Nwite of the Federal High Court in Abuja over their alleged roles in a $12 million money laundering operation.
The Economic and Financial Crimes Commission (EFCC) slammed a six-count charge on Halima Buba, Managing Director/Chief Executive Officer, and Innocent Mbagwu, Executive Director/Chief Compliance Officer of the bank.
They are accused of facilitating suspicious cash payments on behalf of third parties without passing through a financial institution, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, the transactions include a $3 million cash payment allegedly made on March 10, 2025, to one Suleiman Muhammed Chiroma and associates, purportedly on the instructions of Femi Gbamgboye.
A similar payment was said to have been made in Lagos on March 13, 2025, to another associate, Mukhtar Miko, raising serious red flags about regulatory breaches and compliance failures within the bank’s leadership.
Both Buba and Mbagwu pleaded not guilty to the charges.
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Drama unfolded during the hearing as the prosecution, led by Senior Advocate of Nigeria (SAN), Rotimi Oyedepo, challenged the legitimacy of a bail application earlier filed by the defendants while they were still free.
He described the applications dated May 27, 2025, as procedurally flawed, noting that bail should only be sought when a defendant is under arrest or in custody, not “from the comfort of their homes.”
However, defence counsel J.J. Usman, SAN, argued that the applications were proper and should be upheld.
In a ruling that balanced both sides, Justice Nwite granted bail to the defendants in the sum of ₦100 million each, with stringent conditions attached.
These include providing one surety apiece with verifiable landed properties in Abuja, passport deposits, and submission of recent photographs.
The court ordered that Buba and Mbagwu be remanded in a correctional facility pending satisfaction of their bail terms. The case has been adjourned to July 17 and 18 for trial.
