The Economic and Financial Crimes Commission (EFCC) on Friday, arraigned the Managing Director/Chief Executive Officer Sun Trust Bank Ltd, Halima Buba and the bank’s Executive Director/ Chief Compliance Officer, Innocent Mbagwu before Justice Emeka Nwite of the Federal High Court in Abuja, following their alleged involvement in $12million fraud.
The two top bankers are being prosecuted by the EFCC on a six-count charge of alleged 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.”
When the charge was read to Buba and Mbagwu , they pleaded “not guilty” to the offence preferred against them by the EFCC.
The development prompted the prosecuting EFCC lawyer, Rotimi Oyedepo (SAN), to announce the readiness of the prosecution to proceed with the trial and prayed for accelerated hearing of the case.
But the defence lawyer , J.J. Usman (SAN), reminded the court of subsisting bail applications of his clients, dated May 27, 2025 and prayed that the court should uphold the applications and admit the defendants to bail.
Oyedepo, however, described the May 27, 2025 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.
The Senior Advocate therefore urged the court to discountenance the said bail application and urged the defendants to make fresh bail applications in court.
While the position of the prosecution met opposition from the defence, Justice Nwite, however, granted bail to Buba and Mbagwu in the sum of N100million each as well as one surety each in the like sum.
The judge added that the sureties must have landed properties in Abuja while the particulars of the properties would be deposited with the court.
The court also directed the sureties to deposit their passports and two recent passport photographs with the court, saying that all the documents the sureties provided, including their residences must be verified by the court before approval.
The judge further ordered that Buba and Mbagwu should be remanded in correctional facility pending the fulfilment of their bail conditions.
Justice Nwite later adjourned the matter till July 17 and 18 for continuation of trial.
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