The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, arraigned two high-ranking executives of SunTrust Bank Ltd over allegations of money laundering involving a staggering $12 million.
The defendants, Halima Buba, the Managing Director and Chief Executive Officer of the bank, and Innocent Mbagwu, the Executive Director and Chief Compliance Officer, were brought before Justice Emeka Nwite of the Federal High Court in Abuja to face a six-count charge related to financial crimes.
The charges stem from accusations that the two top bankers facilitated illegal cash transactions running into millions of dollars without following due financial processes.
According to the EFCC, the defendants allegedly aided in the movement of substantial sums of money outside the formal banking system, violating Nigeria’s anti-money laundering laws.
One of the counts detailed how, on March 10, 2025, Buba and Mbagwu purportedly assisted one Femi Gbamgboye in making a cash payment of $3 million to Suleiman Muhammed Chiroma and his associates without routing the transaction through a financial institution. Another count accused them of conspiring to facilitate another $3 million cash payment to an associate of Chiroma in Lagos on March 13, 2025.
When the charges were read to them in court, both defendants pleaded not guilty. The prosecution, led by Senior Advocate of Nigeria Rotimi Oyedepo, immediately requested an accelerated hearing, signaling the EFCC’s determination to pursue the case swiftly. However, the defense team, led by J.J. Usman, SAN, countered by urging the court to grant bail to the accused, citing an earlier bail application filed on May 27, 2025.
The prosecution strongly opposed the bail request, arguing that the application was premature since the defendants were neither under arrest nor in custody at the time it was filed.
Oyedepo contended that the defense had submitted the bail application from “the comfort of their homes or offices” before any legal action was taken against them, rendering it incompetent under the provisions of the Administration of Criminal Justice Act (ACJA). He urged the court to dismiss the application and insisted that the defendants should file a fresh request if they sought bail.
After hearing arguments from both sides, Justice Nwite ruled in favor of granting bail but imposed stringent conditions. Each defendant was granted bail in the sum of N100 million and required to provide a surety of the same amount.
The sureties, the judge ruled, must possess landed properties in Abuja, the details of which must be verified and deposited with the court. Additionally, the sureties were ordered to surrender their passports and two recent passport photographs to the court. Until these conditions are met, the defendants will remain in custody at a correctional facility.
The case has sent shockwaves through Nigeria’s financial sector, given the high-profile status of the accused. SunTrust Bank, a relatively young but fast-growing financial institution, now faces scrutiny over its compliance with anti-money laundering regulations. The EFCC’s decision to prosecute the bank’s top executives underscores the agency’s intensified crackdown on financial crimes, particularly in the banking industry, where illicit transactions and fraud have remained persistent challenges.
Justice Nwite adjourned the case to July 17 and 18, 2025, for the continuation of the trial. Legal analysts suggest that the case could have far-reaching implications for corporate governance and regulatory compliance in Nigeria’s banking sector, especially if the prosecution succeeds in proving its allegations.
Meanwhile, the EFCC has reiterated its commitment to ensuring that individuals entrusted with managing the country’s financial systems are held accountable for any breaches of the law.
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