The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, Managing Director and CEO of SunTrust Bank Ltd, on charges related to a $12 million money laundering scheme.
Buba was brought before Justice Emeka Nwite of the Federal High Court in Abuja on Friday, alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer. Both are facing a six-count charge filed by the EFCC, accusing them of violating Nigeria’s anti-money laundering laws.
According to the charges, Buba and Mbagwu allegedly facilitated large cash transactions without routing them through authorized financial institutions. One count alleges that on March 10, 2025, they helped Femi Gbamgboye pay $3 million in cash to Suleiman Muhammed Chiroma and others in Abuja. Another charge claims a similar $3 million payment was made on March 13 in Lagos to Mukhtar Miko, again bypassing financial regulations.
Both executives pleaded not guilty to all charges. EFCC’s lead prosecutor, Rotimi Oyedepo, signaled the commission’s readiness for trial and requested an expedited hearing.
Defense counsel J.J. Usman, representing the defendants, applied for bail based on a motion dated May 27. Oyedepo opposed the request, noting that the application was filed while the defendants were not yet in custody, and urged the court to require new bail applications.
After hearing both sides, Justice Nwite granted bail to each defendant in the sum of ₦100 million, with one surety each in the same amount. The sureties must own landed property in Abuja, submit the title documents, and provide two recent passport photographs along with their international passports.
Until the bail conditions are met, Buba and Mbagwu are to be held in a correctional facility. The trial is scheduled to continue on July 17 and 18.
