Abuja, Nigeria – The Managing Director/Chief Executive Officer and the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd have been arraigned in a Nigerian court on charges of alleged money laundering totalling $12 million.
Halima Buba, the Managing Director, and Innocent Mbagwu, the Executive Director, appeared before Justice Emeka Nwite of the Federal High Court in Abuja on Friday, June 13, 2025.
The Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft agency, is prosecuting the duo on a six-count charge. One of the charges alleges that on March 10, 2025, in Abuja, the defendants “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,” an act alleged to be contrary to Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022.
Another count accuses them of conspiring to make a similar cash payment of $3 million to an associate of Suleiman Muhammed Chiroma in Lagos on March 13, 2025, also without passing through a financial institution.
Both defendants pleaded “not guilty” to all charges. The lead prosecution counsel, Rotimi Oyedepo, called for an accelerated hearing of the case. Defence counsel J.J. Usman, however, reminded the court of existing bail applications filed on May 27, 2025, and requested that the defendants be granted bail.
The prosecution argued against the validity of these bail applications, contending that they were “incompetent” as the defendants were not under arrest or in detention when the applications were made. The prosecution asserted that bail applications should only be prompted by arrest or detention as per the Administration of Criminal Justice Act.
Despite the prosecution’s objections, Justice Nwite granted bail to the defendants, setting the bail sum at N100 million (approximately $67,000 USD) each, along with one surety each of like sum. The judge stipulated that the sureties must possess landed properties in Abuja, with the particulars of these properties to be deposited with the court. Additionally, sureties are required to submit their passports and two recent passport photographs, and all provided documents, including their residences, must be verified by the court before approval.
Justice Nwite ordered that Halima Buba and Innocent Mbagwu be remanded in a correctional facility pending the fulfillment of their bail conditions. The trial has been adjourned to July 17 and 18 for continuation.
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