EFCC Arraigns SunTrust Bank Executives Over Alleged $12m Money Laundering

The Economic and Financial Crimes Commission (EFCC) on Friday arraigned two top executives of SunTrust Bank before Justice Emeka Nwite of the Federal High Court, Abuja, over their alleged involvement in a $12 million money laundering scheme.

The defendants, Halima Buba, Managing Director and Chief Executive Officer of SunTrust Bank, and Innocent Mbagwu, Executive Director and Chief Compliance Officer, were docked on a six-count charge bordering on conspiracy and money laundering.

According to the EFCC, the accused persons allegedly facilitated cash transactions in breach of money laundering regulations, including a $3 million payment made without passing through a financial institution.

One of the charges read: “That you, Halima Buba and Innocent Mbagwu, on March 10, 2025, in Abuja, aided Femi Gbamgboye to make a cash payment of $3,000,000 to Suleiman Muhammed Chiroma and associates without going through a financial institution,” an act contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.

Another count alleged that the duo conspired on March 13, 2025, in Lagos, to facilitate a similar transaction involving $3 million to Mukhtar Miko, an associate of Chiroma, also without routing the funds through a financial institution.

Both defendants pleaded not guilty to all the charges.

Lead EFCC counsel, Rotimi Oyedepo, urged the court for an accelerated hearing and opposed the bail applications filed earlier by the defence. He argued that the applications, submitted on May 27, were legally defective as they were made before the defendants were arrested or arraigned, contrary to the provisions of the Administration of Criminal Justice Act (ACJA).

However, the defence counsel, J.J. Usman, insisted that the bail applications were properly filed and urged the court to grant them.

Ruling on the matter, Justice Nwite granted both defendants bail in the sum of N100 million each, with one surety each in like sum. The sureties must own landed property in Abuja and submit the property documents, their international passports, and two recent passport-sized photographs for verification by the court.

The judge ordered the remand of the defendants in a correctional facility pending the perfection of their bail conditions and adjourned the case to July 17 and 18 for trial.