EFCC Arraigns SunTrust Bank Bosses for $12m Fraud
Two senior executives of SunTrust Bank Nigeria Limited, Halima Buba and Innocent Mbagwu, were on Friday, June 13, 2025, arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Emeka Nwite of the Federal High Court, Abuja, over an alleged $12 million money laundering case.
Buba, the Managing Director/CEO, and Mbagwu, the Executive Director/Chief Compliance Officer, are facing a six-count charge of conspiracy and money laundering under the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges states that on March 10, 2025, in Abuja, they “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.”
The EFCC said this violated Sections 2(1)(a), 2(1), and 19(1)(d) of the Money Laundering Act and is punishable under Section 19(2)(b).
Another charge alleges that on March 13, 2025, in Lagos, they conspired “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.”
The EFCC claims the transactions were meant to avoid regulation and enable illicit financial movement.
Both defendants pleaded not guilty.
EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), told the court, “We are ready to proceed with the trial and we pray for an accelerated hearing of the case.”
Defence counsel, J.J. Usman (SAN), asked the court to grant bail, noting that an application had been filed since May 27, 2025.
Oyedepo opposed the request, calling the application “incompetent.” He said: “The defendants were neither under arrest, nor in detention, nor have appeared before the court,” arguing that bail should be requested only after proceedings commence. “The bail was filed from the comfort of their homes or offices when no action had been taken against them,” he added, asking the court to reject the application and require new filings.
Justice Nwite granted each defendant bail in the sum of N100 million, with one surety in like sum. The sureties must own property in Abuja, verified by the court. The defendants must also submit their international passports and two recent passport photographs.
Until bail conditions are met, the judge ordered that Buba and Mbagwu be remanded in a correctional facility.
The trial is set to continue on July 17 and 18.
The post EFCC Arraigns SunTrust Bank Bosses for $12m Fraud appeared first on Kano Times.
