Caption: SunTrust Bank Ltd CEO, Halima Buba and ED/ Chief Compliance Officer, Innocent Mbagwu
The Economic and Financial Crimes Commission (EFCC) on Friday arraigned the Managing Director and Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, and the bank’s Executive Director and Chief Compliance Officer, Innocent Mbagwu, on six-count charges bordering on alleged money laundering to the tune of $12 million.
The charges, brought before Judge of the Federal High Court, Abuja, Emeka Nwite relate to cash transactions allegedly executed outside Nigeria’s regulated banking channels, in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.
Details of the Allegations
According to EFCC’s statement on its official X handle, the charges accuse both executives of facilitating multiple cash payments—each involving $3 million—without routing the transactions through financial institutions, as required by anti-money laundering laws.
One of the charges reads:
“That you, Halima Buba, and Innocent Mbagwu, on March 10, 2025, in Abuja, aided a $3 million cash payment to Suleiman Muhammed Chiroma and associates, violating Sections 2(1), 19(1)(d), and 21(a) of the Money Laundering Act.”
Another count accuses the executives of conspiring in Lagos on March 13, 2025, to transfer an additional $3 million in cash to another associate of Chiroma, again bypassing regulated banking systems.
Both Buba and Mbagwu pleaded not guilty to all six charges.
Legal Proceedings and Bail Dispute
Lead EFCC counsel, Rotimi Oyedepo, requested an accelerated trial, stating the prosecution was fully prepared to proceed.
However, the defence, led by J.J. Usman, urged the court to uphold existing bail applications dated May 27, 2025, seeking pre-trial release for both defendants.
Oyedepo opposed the applications, arguing that the bail requests were filed prematurely since the defendants were neither arrested nor detained prior to their court appearance:
“They filed for bail from the comfort of their homes, contrary to the procedural standards set under the Administration of Criminal Justice Act (ACJA),” Oyedepo said.
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Despite the prosecution’s objection, Nwite granted each defendant bail in the sum of ₦100 million, with one surety in like amount.
The sureties must present landed property documents in Abuja, two recent passport photographs, and submit international passports.
The court further directed that all surety documentation be verified before final approval.
Pending the satisfaction of bail conditions, the defendants were remanded in a correctional facility. The court adjourned the matter to July 17 and 18, 2025, for continuation of trial.
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Regulatory Implications for the Nigerian Banking Sector
This high-profile arraignment underscores EFCC’s renewed focus on corporate financial misconduct and executive accountability in Nigeria’s financial sector.
The case adds to growing scrutiny on the compliance culture of Nigerian banks, particularly concerning anti-money laundering enforcement and governance standards.
The allegations against SunTrust Bank’s leadership come amid broader regulatory reforms aimed at strengthening financial integrity, enforcing banking transparency, and reducing systemic risks in Nigeria’s financial services industry.
Global Financial Digest
