The Economic and Financial Crimes Commission (EFCC) on Friday, arraigned Halima Buba and Innocent Mbagwu before Justice Emeka Nwite of the Federal High Court, Abuja on charges of money laundering totaling $12 million.
Buba and Mbagwu, who serve as Managing Director/Chief Executive Officer and Executive Director/Chief Compliance Officer of SunTrust Bank Limited, respectively, were docked on a six-count charge bordering on alleged financial misconduct and illegal cash transactions.
According to the EFCC, the two senior bank officials allegedly facilitated illicit cash payments amounting to millions of dollars without passing through a financial institution, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges reads:
“That you, HALIMA BUBA and INNOCENT MBAGWU on March 10, 2025, in Abuja, aided Femi Gbamgboye in making a cash payment of $3,000,000 to Suleiman Muhammed Chiroma and associates without going through a financial institution.
The offence is contrary to Section 2(1), 21(a), and 19(1)(d) of the Money Laundering Act, and punishable under Section 19(2)(b) of the same Act.”
Another count accuses the duo of conspiring on March 13, 2025, in Lagos, to make a cash payment of $3 million to Mukhtar Miko without routing the transaction through a financial institution
Both defendants pleaded not guilty to all charges.
Prosecuting counsel, Rotimi Oyedepo, SAN, indicated the EFCC’s readiness to commence trial and requested an expedited hearing.
However, defence counsel J.J. Usman, SAN, urged the court to consider previously filed bail applications dated May 27, 2025.
Oyedepo opposed the applications, arguing that they were premature since the defendants were neither in custody nor had they appeared before the court when the applications were filed. He urged the court to disregard the applications and direct the defendants to file fresh ones in open court.
After hearing both sides, Justice Nwite granted bail to the defendants in the sum of ₦100 million each, with one surety a piece in like sum. The sureties must own verifiable landed property within Abuja and submit relevant documents, including passports and passport-sized photographs, for court verification.
The court ordered the remand of the defendants in a correctional facility pending the fulfilment of their bail conditions .
Justice Emeka Nwite adjourned the trial to July 17 and 18, 2025.