The Economic and Financial Crimes Commission (EFCC) has brought serious fraud charges against two top officials of SunTrust Bank, alleging their involvement in handling large cash payments outside the legal banking system.
On Friday, June 6, 2025, the EFCC arraigned Halima Buba, Managing Director and CEO of SunTrust Bank Ltd, alongside Innocent Mbagwu, Executive Director and Chief Compliance Officer of the same bank, before Justice Emeka Nwite at the Federal High Court in Abuja.
The duo faces a six-count charge tied to money laundering, involving cash transactions amounting to $12 million. The EFCC claims the actions violated the Money Laundering (Prevention and Prohibition) Act of 2022.
One of the charges alleges that on March 10, 2025, in Abuja, both officials helped Femi Gbamgboye make a $3 million cash payment to Suleiman Muhammed Chiroma and others without passing through any licensed financial institution. Another count accuses them of conspiring to transfer an additional $3 million in Lagos to Mukhtar Miko, said to be linked to Chiroma.
Both Buba and Mbagwu pleaded not guilty to all six charges read before the court. Following this, EFCC lead counsel Rotimi Oyedepo, SAN, said the prosecution is fully prepared to begin trial immediately and asked the court to fast-track the case.
In contrast, the defence team led by J.J. Usman, SAN, reminded the court of earlier bail applications filed on May 27, 2025, and asked the judge to approve those applications.
Oyedepo, however, opposed the applications, noting that they were filed before any legal action had begun and while the defendants were not yet in custody. He called the applications “incompetent” and asked the court to disregard them, encouraging the accused to submit new applications directly in court.
Despite the arguments, Justice Nwite approved bail for both defendants. Each was granted bail in the amount of N100 million, with one surety in the same sum. The sureties must own land in Abuja and present property documents to the court. Their passports and recent photographs must also be submitted.
The court made it clear that the sureties’ documents and addresses must be confirmed before the bail will be officially accepted. Until these conditions are met, the judge ordered that Buba and Mbagwu be kept in a correctional facility.
The matter was adjourned to July 17 and 18, 2025, for continuation of the trial.
