SunTrust Bank CEO, Halima Buba granted N100m bail over ‘$12m money laundering’

Halima Buba, the managing director and CEO of SunTrust Bank Nigeria Limited, has been granted bail in the sum of N100 million over her alleged involvement in a $12 million money laundering case.

Buba, alongside the bank’s Executive Director and Chief Compliance Officer, Innocent Mbagwu, are facing charges filed by the Economic and Financial Crimes Commission (EFCC) for allegedly facilitating large cash transactions in violation of Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022.

According to the EFCC, the defendants are accused of conspiracy and facilitating high-value cash transactions to several individuals, bypassing financial institutions in a manner that violates legal thresholds. These alleged offences are in breach of Sections 21(a), 2(1), and 9(1)(d) of the Money Laundering Act, and are punishable under Section 19(2)(b) of the same law.

More to come..