EFCC Arraigns SunTrust Bank Top Executives Over Alleged $12 Million Fraud

Latest on SunTrust Bank Money Laundering Case as EFCC Arraigns Top Executives.

 

Two senior executives of SunTrust Bank have been arraigned before the Federal High Court in Abuja over their alleged involvement in a $12 million money laundering scheme.

The Economic and Financial Crimes Commission (EFCC) arraigned the duo before Justice Emeka Nwite on Friday, June 13, 2025.

TJ News Nigeria gathered that the accused, Halima Buba, the Managing Director and Chief Executive Officer of SunTrust Bank, and Innocent Mbagwu, the Executive Director and Chief Compliance Officer, were slammed with a six-count charge bordering on conspiracy and money laundering.

Details of the Alleged Offences

According to the EFCC, the executives allegedly facilitated multiple cash transactions in contravention of established money laundering regulations. One of the charges specifically alleged that the executives aided a cash payment of $3 million that bypassed the formal financial system.

The charge read:

“That you, Halima Buba and Innocent Mbagwu, on March 10, 2025, in Abuja, aided Femi Gbamgboye to make a cash payment of $3,000,000 to Suleiman Muhammed Chiroma and associates without going through a financial institution.”

The EFCC further accused the defendants of conspiring on March 13, 2025, in Lagos, to facilitate another $3 million transaction to Mukhtar Miko, said to be an associate of Chiroma, again without routing the funds through any financial institution.

All offences, according to the anti-graft agency, are contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

 

Defendants Plead Not Guilty

During the court session, both Halima Buba and Innocent Mbagwu pleaded not guilty to all six charges read against them.

Lead counsel for the EFCC, Rotimi Oyedepo, requested an accelerated hearing of the matter, opposing the bail applications submitted by the defence team. Oyedepo argued that the applications, filed on May 27, were procedurally defective, as they were submitted before the defendants’ formal arrest and arraignment.

He emphasized that under the Administration of Criminal Justice Act (ACJA), bail applications must adhere strictly to procedural requirements, which the defence allegedly failed to follow.

Defence Insists on Bail

However, defence counsel, J.J. Usman (SAN), maintained that the bail applications were competent and properly before the court. Usman urged the court to discountenance the prosecution’s objection and grant his clients bail, citing their status and assurances of availability for trial.

Justice Emeka Nwite, ruling on the matter, granted bail to the defendants in the sum of ₦100 million each, with one surety each in like sum.

Bail Conditions:

• Each surety must own landed property in Abuja.

• Sureties must submit:

  • Title documents of the property.

  • International passport.

  • Two recent passport-sized photographs.

• All documents are subject to verification by the court.

The court ordered that the defendants be remanded in a correctional facility pending the fulfilment of their bail conditions.

Next Hearing Date

The trial has been adjourned to July 17 and 18, 2025, for commencement of hearing.

TJ News Nigeria learned that this development marks another high-profile case involving top banking executives facing scrutiny over alleged violations of Nigeria’s anti-money laundering laws.