EFCC arraigns top executives of SunTrust Bank over alleged $12m fraud

The Economic and Financial Crimes Commission, EFCC on Friday (13 June 2025) arraigned two officials of SunTrust Bank – Halima Buba and Innocent Mbagwu – before Justice Emeka Nwite of the Federal High Court, Abuja, for alleged fraud.

The defendants, who are managing director/chief executive officer of SunTrust Bank Ltd and executive director/chief compliance officer of SunTrust Bank Ltd, respectively are being prosecuted on a six-count charge of money laundering to the tune of $12 million (Twelve Million Dollars).

Count two of the charge reads: “That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”

Count three reads: “That you, HALIMA BUBA, the Managing Director/ChiefExecutive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2( 1 ), 19(1 )( d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”

The SunTrust officials pleaded “not guilty” to all the charges when they read to them, following which the lead prosecution counsel, Rotimi Oyedepo (SAN) announced the readiness of the prosecution to proceed with the trial and prayed for accelerated hearing of the case.

The defence counsel, J.J. Usman (SAN) on his part, reminded the court of subsisting bail applications of the defendants, dated 27 May 2025 and prayed the court to uphold the applications and admit the defendants to bail.

The prosecution counsel in his response, described the 27 May 27 bail application of the defendants as incompetent, given that the defendants were neither under arrest, nor in detention, nor have appeared before the court, being the grounds provided by the Administration of Criminal Justice Act (ACJA) that should precipitate a bail application, but rather applied for bail from the comfort of their homes or offices when no action has been taken against them.

He therefore prayed the court to discountenance the said bail application and urged the SunTrust executives to make fresh bail applications in court.

While the position of the prosecution met opposition from the defence, Justice Nwite, however, admitted the defendants to bail in the sum of N100million (One Hundred Million Naira), each as well as one surety each, in like sum.

The sureties he held must have landed properties in Abuja of which the particulars of the properties would be deposited with the court.

The sureties are also to deposit their passports and two recent passport photographs with the court. In addition, all the documents the sureties provided, including their residences must be verified by the court before approval.

He ordered that they should be remanded in correctional facility pending the fulfilment of their bail conditions and adjourned the matter till July 17 and 18 for continuation of trial.

SOURCE: Dele Oyewale

Head, Media & Publicity

ECONOMIC AND FINANCIAL CRIMES COMMISSION

June 13, 2025