SunTrust Bank MD, Exec Arraigned for Alleged $12M Fraud

Commission (EFCC) has arraigned the Managing Director of SunTrust Bank, Halima Buba, and the bank’s Executive Director/Chief Compliance Officer, Innocent Mbagwu, on charges bordering on alleged money laundering involving a total of $12 million.

The duo was brought before Justice Emeka Nwite of the Federal High Court in Abuja on Thursday, facing a six-count charge filed by the anti-graft agency.

According to the EFCC, the accused persons on March 10, 2025, allegedly facilitated a cash payment of $3 million to Suleiman Muhammed Chiroma and others without going through a financial institution, thereby violating provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

A second count alleged that on March 13, 2025, in Lagos, they conspired to make another $3 million payment to one Mukhtar Miko in similar violation of the law. The EFCC contends that the total sum of $12 million was moved in cash, bypassing legally required financial channels.

Both Buba and Mbagwu pleaded not guilty to the charges.

EFCC’s lead counsel, Rotimi Oyedepo (SAN), called for an accelerated hearing of the case. However, the defence, led by J.J. Usman (SAN), referenced pending bail applications dated May 27. Oyedepo opposed the bail applications, arguing they were premature as the defendants were neither arrested nor produced through lawful summons.

Despite the opposition, Justice Nwite granted each of the defendants bail in the sum of ₦100 million with one surety who must own property in Abuja. The court ordered that the sureties provide verifiable documents to the Deputy Chief Registrar.

Pending the fulfilment of their bail conditions, the court remanded both defendants in EFCC custody.

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

The case underscores EFCC’s renewed scrutiny of the banking sector and its pledge to clamp down on illicit financial practices involving top executives.