EFCC Arraigns SunTrust Bank CEO Over $12m Money Laundering Case
In a major development, the Economic and Financial Crimes Commission (EFCC) on Friday arraigned the Chief Executive Officer of SunTrust Bank Nigeria Limited, Halima Buba, and the bank’s Executive Director and Chief Compliance Officer, Innocent Mbagwu, before the Federal High Court in Abuja.
The duo faces a six-count charge alleging money laundering to the tune of $12 million. Both defendants pleaded “not guilty” to the charges when they were read to them.
According to the charge sheet, the defendants allegedly aided Femi Gbamgboye to make a cash payment of $3 million to Suleiman Muhammed Chiroma and associates without going through a financial institution, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The prosecution, led by Rotimi Oyedepo, SAN, informed the court of its readiness to proceed with the trial and urged for an accelerated hearing. Oyedepo argued that the defendants’ actions were in clear contravention of the law and that the prosecution had sufficient evidence to prove its case.
The defence counsel, J. J. Usman, SAN, applied for bail on behalf of the defendants, citing a subsisting bail application dated May 27, 2025. However, the prosecution countered that the application was “incompetent” as the defendants were not under arrest or detention at the time of the application.
Justice Emeka Nwite, presiding over the case, granted bail to the defendants in the sum of ₦100 million each, with one surety in like sum. The sureties must have landed property in Abuja, deposit their passports and two passport photographs with the court, and submit verified residence documents.
The defendants were remanded in a correctional facility pending the fulfilment of the bail conditions. The trial was adjourned to July 17 and 18, 2025, for continuation.
The arraignment of the SunTrust Bank CEO and Executive Director is a significant development in the EFCC’s efforts to combat money laundering and financial crimes in Nigeria. The case is expected to be closely watched by the financial industry and the general public, as it highlights the importance of compliance with anti-money laundering regulations.
