Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, Managing Director and CEO of SunTrust Bank Limited, and Innocent Mbagwu, Executive Director and Chief Compliance Officer, over $12 million money laundering scheme.
Gatekeepers News reports that they were brought before Justice Emeka Nwite of the Federal High Court in Abuja on Friday.
EFCC is prosecuting them on a six-count charge bordering on money laundering to the tune of $12 million.
The anti-graft agency alleged that Buba and Mbagwu facilitated the illegal cash movement of millions of dollars on different occasions without routing the transactions through any financial institution, in violation of Nigeria’s anti-money laundering laws.
Count two of the charge alleges that on March 10, 2025, in Abuja, the defendants aided one Femi Gbamgboye in making a $3 million cash payment to Suleiman Muhammed Chiroma and his associates.
The payment was allegedly made without passing through a financial institution, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count accuses the defendants of conspiring to make another $3 million cash payment on March 13, 2025, in Lagos, to one Mukhtar Miko, an associate of Chiroma, again without channelling the transaction through a financial institution.
Buba and Mbagwu pleaded not guilty to all charges. Rotimi Oyedepo, the lead EFCC prosecutor, expressed readiness to proceed with trial and requested an accelerated hearing.
However, the defence counsel, J.J. Usman, applied for bail for the accused based on a prior application dated May 27. Oyedepo opposed the motion, stating the application was invalid as it was filed before the defendants were in custody.
Justice Nwite granted bail to each defendant in the sum of N100 million, with one surety each in the same amount.
The sureties must own landed property in Abuja and deposit the property documents with the court. They are also required to submit their passports and two recent passport photographs.
The judge ordered the defendants to be held in custody until the bail conditions were met and adjourned the trial to July 17 and 18.
