By Ayomide Otitoju
The Economic and Financial Crimes Commission (EFCC) on Friday arraigned Halima Buba, Managing Director and Chief Executive Officer of SunTrust Bank, alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, over an alleged $12 million money laundering scheme.
Appearing before Justice Emeka Nwite of the Federal High Court in Abuja, the senior bank officials were accused of facilitating large cash transactions outside the formal financial system—an alleged violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, one of the charges relates to a $3 million transaction conducted on March 10, 2025, in which the defendants allegedly enabled a cash payment to Suleiman Muhammed Chiroma and his associates. Another count accused them of conspiring, three days later, to pay another $3 million to Mukhtar Miko, also in cash and outside the banking system.
Lead EFCC prosecutor, Rotimi Oyedepo (SAN), opposed hearing pre-filed bail applications, arguing they were submitted before the defendants were taken into custody. He urged the court to prioritize the commencement of the trial.
However, defence counsel, J.J. Usman (SAN), insisted that the bail requests—filed on May 27—be heard.
Ruling on the matter, Justice Nwite granted bail to both defendants in the sum of ₦100 million each, with one surety per defendant in like sum. The sureties must present verifiable property ownership in Abuja and submit all required documentation, including international passports and recent photographs. These will be verified by court officials.
Until bail conditions are met, Buba and Mbagwu will remain in a correctional facility. The trial date is expected to be set in due course.
