EFCC arraigns Sun Trust Bank MD, ED over ‘$12m fraud’

The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, managing director (MD) and chief executive officer (CEO) of SunTrust Bank Ltd, over money laundering allegations.

Buba was arraigned before Emeka Nwite, judge of a federal high court in Abuja, on Friday alongside Innocent Mbagwu, executive director (ED) and chief compliance officer of the bank.

The EFCC is prosecuting Buba and Mbagwu 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.

Following their plea, Rotimi Oyedepo, the lead EFCC prosecutor, indicated the commission’s readiness to commence trial and requested an accelerated hearing.

However, J.J. Usman, defence counsel, prayed the court to grant bail to the defendants based on an application dated May 27.

Oyedepo opposed the application, arguing that the defendants were not under arrest or in custody at the time the application was filed and could not seek bail from the comfort of their homes.

He prayed the court to reject the application and require fresh bail motions.

After hearing arguments from both sides, 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 that the defendants be remanded in a correctional facility until they meet their bail conditions and adjourned the case to July 17 and 18 for the trial to continue.