The Economic and Financial Crimes Commission has arraigned two top officials of SunTrust Bank Limited for allegedly helping to launder $12 million (about ₦18 billion).
The accused are Halima Buba, Managing Director and Chief Executive Officer of the bank, and Innocent Mbagwu, Executive Director and Chief Compliance Officer. They were brought before Justice Emeka Nwite of the Federal High Court in Abuja on Friday.
They face a six-count charge that includes conspiracy and money laundering, with some of the alleged acts taking place in Abuja and Lagos.
One of the charges stated that on March 10, 2025, in Abuja, they helped a man named Femi Gbamgboye pay \$3 million in cash to Suleiman Muhammed Chiroma and his associates, without using any bank or financial institution.
Another charge said that on March 13, 2025, in Lagos, they conspired to pay another \$3 million in cash to a man named Mukhtar Miko, who is also linked to Chiroma, again without passing the money through a bank.
The EFCC says these acts go against the Money Laundering (Prevention and Prohibition) Act of 2022.
When the charges were read in court, both Buba and Mbagwu pleaded not guilty.
Lead EFCC lawyer, Rotimi Oyedepo (SAN), said the prosecution was ready to begin trial immediately and asked the court to give the case quick attention.
The defence lawyer, J.J. Usman (SAN), reminded the judge that bail applications had already been submitted since May 27, 2025, and asked the court to grant bail to the accused persons.
However, Oyedepo argued that the earlier bail application was invalid because the accused had not yet appeared in court or been arrested when the request was made. He said they filed it from the comfort of their homes, which was not allowed by law.
Despite the argument, Justice Nwite granted them bail. Each of the accused must pay ₦100 million and provide one surety each.
The judge said the sureties must own landed property in Abuja and must submit documents of the property to the court. They must also deposit their international passports and two passport photographs.
The court will verify all documents and addresses before the bail is confirmed.
Until they meet their bail conditions, Buba and Mbagwu will be kept in a correctional facility.
The judge then adjourned the trial to July 17 and 18, 2025.
