EFCC Arraigns SunTrust Bank Directors Over Alleged $12million Money Laundering Scheme

The Economic and Financial Crimes Commission (EFCC) presented Halima Buba, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and Innocent Mbagwu, Executive Director/Chief Compliance Officer, before Justice Emeka Nwite at Federal High Court, Abuja on Friday, June 13, 2025.

Both senior banking executives face six counts of charges regarding money laundering involving $12 million (Twelve Million Dollars).

The EFCC charge sheet indicates Buba and Mbagwu allegedly facilitated large cash transactions bypassing financial institution channels, violating the Money Laundering (Prevention and Prohibition) Act, 2022.

Charge Details One count states:

“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 21(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”

Another count alleges:

“On the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court [they] conspired amongst [themselves] to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution.”

Total alleged laundered transactions amount to $12 million.

Defendants Maintain Innocence The defendants pleaded not guilty when charges were read. EFCC’s lead prosecutor, Rotimi Oyedepo, SAN, declared readiness for trial commencement and requested expedited proceedings.

Defense lawyer, J.J. Usman, SAN, requested bail consideration, referencing applications dated May 27, 2025.

Oyedepo contested the May 27 bail application’s validity, noting defendants weren’t detained, arrested, nor present in court when filing occurred.

He highlighted applications originated from their personal spaces before any legal action commenced, requesting court rejection and suggesting new applications submission in court.

Court Decision Justice Emeka Nwite granted defendants bail at N100 million each, requiring one matching surety per defendant.

Court requirements include:

Sureties must own Abuja property Complete property details submitted to court Sureties must provide recent photographs and passports All documentation and residences require verification Defendants remain in correctional facility until meeting bail conditions

Next court session scheduled for July 17 and 18, 2025.