EFCC Arraigns Sun Trust Bank MD And ED Over ‘$12m Fraud’

The Economic and Financial Crimes Commission (EFCC) has brought Halima Buba, the Managing Director and Chief Executive Officer of SunTrust Bank Ltd, before a court on charges of money laundering involving $12 million.

Buba was presented before Justice Emeka Nwite at the Federal High Court in Abuja on Friday, accompanied by Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer. The EFCC lodged a six-count charge against the two, accusing them of several violations of Nigeria’s anti-money laundering regulations.

The charges allege that Buba and Mbagwu enabled the transfer of substantial cash amounts outside official financial systems.

One charge specifies that on March 10, 2025, they aided Femi Gbamgboye in executing a $3 million cash transaction in Abuja to Suleiman Muhammed Chiroma and his associates without using a financial institution. Another count alleges they collaborated to facilitate a similar $3 million cash payment on March 13, 2025, in Lagos to Mukhtar Miko, also circumventing required financial channels.

Both defendants entered not guilty pleas to all charges. The EFCC’s lead prosecutor, Rotimi Oyedepo, indicated preparedness to move forward with the trial and requested an expedited hearing.

In response, the defence counsel, J.J. Usman, submitted a bail application for the defendants, referencing a motion dated May 27. Oyedepo opposed this, arguing that the application was submitted when the defendants were not in custody and should be dismissed. He pressed the court to demand new bail applications from detention.

Justice Nwite, after evaluating arguments from both parties, approved bail for the defendants at N100 million each, with one surety per defendant for the same amount.

The sureties must possess landed property in Abuja, provide title documents to the court, and submit two recent passport photographs along with their international passports.

The court directed that Buba and Mbagwu be held in a correctional facility until they fulfill the bail conditions. The trial was postponed to July 17 and 18.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli