Money Laundering Scandal Rocks Nigerian Bank

A high-stakes legal battle is unfolding in Abuja, where SunTrust Bank’s Managing Director, Halima Buba, and Executive Director, Innocent Mbagwu, are embroiled in a $12 million financial scandal.

The Economic and Financial Crimes Commission (EFCC) has accused the duo of conspiring to launder millions of dollars through complex transactions, in alleged contravention of Nigeria’s Money Laundering (Prevention and Prohibition) Act 2022.

The EFCC’s prosecutor, Ekele Iheanacho, SAN, recently appeared before Justice Emeka Nwite, seeking to serve the defendants, but their lawyers, led by J.J. Usman, SAN, raised procedural objections. Usman argued that his clients only became aware of the case through social media and are eager to avoid a media spectacle.

The judge has adjourned the arraignment to June 4, directing the EFCC to file its service application by May 29.

The allegations against Buba and Mbagwu have sent shockwaves through the financial industry, given their esteemed reputations.

Buba, a respected figure with over 20 years of experience, has held leadership roles at Zenith Bank and Ecobank, and is a Senior Honorary Member of the Chartered Institute of Bankers.

Her philanthropic work, particularly in girls’ education, has earned her widespread admiration.