The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, Managing Director and Chief Executive Officer of SunTrust Bank Ltd, on allegations of money laundering involving $12 million.
Buba appeared before Justice Emeka Nwite of the Federal High Court in Abuja on Friday, alongside Innocent Mbagwu, Executive Director and Chief Compliance Officer of the bank. The EFCC filed a six-count charge against both defendants, alleging multiple breaches of Nigeria’s anti-money laundering laws.
According to the charges, Buba and Mbagwu facilitated the movement of large sums of cash without using official financial channels. One of the charges states that on March 10, 2025, they assisted Femi Gbamgboye in making a $3 million cash payment in Abuja to Suleiman Muhammed Chiroma and his associates without involving a financial institution. Another charge claims they conspired to make a similar $3 million cash payment on March 13, 2025, in Lagos to Mukhtar Miko, also bypassing required financial channels.
Both defendants pleaded not guilty to all charges. The EFCC’s lead prosecutor, Rotimi Oyedepo, expressed readiness to proceed with trial and called for an accelerated hearing.
In response, defence counsel J.J. Usman applied for bail on behalf of the defendants, based on a motion dated May 27. Oyedepo opposed the application, arguing that it was filed while the defendants were not in custody and should be rejected. He urged the court to require fresh bail applications to be filed from detention.
Justice Nwite, after considering arguments from both sides, granted bail to the defendants in the sum of N100 million each, with one surety apiece in the same amount. The sureties are required to own landed property in Abuja, submit title documents to the court, and provide two recent passport photographs along with their international passports.
The court ordered that Buba and Mbagwu be remanded in a correctional facility until they meet the bail conditions. The trial was adjourned to July 17 and 18.
