By: Mandy Park
The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, CEO of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director, over alleged $12 million money laundering.
They face a six-count charge bordering on money laundering, allegedly violating Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022.
Buba was arraigned on Friday before Justice Emeka Nwite of the Federal High Court in Abuja alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer.
The two top executives are facing a six-count charge bordering on money laundering, which the EFCC said was carried out in violation of Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022.
According to the anti-graft agency, Buba and Mbagwu facilitated the illegal movement of millions of dollars in cash without routing the transactions through any financial institution, an action deemed unlawful under the country’s anti-money laundering laws.
From the details of the Charges, Count two of the charge sheet alleges that on March 10, 2025, in Abuja, the defendants aided one Femi Gbamgboye in making a $3 million cash payment to Suleiman Muhammed Chiroma and his associates. The transaction, EFCC said, was executed without passing through a licensed financial institution.
Another count accuses the duo of conspiring to carry out a similar transaction — a $3 million cash payment — on March 13, 2025, in Lagos. The payment was allegedly made to one Mukhtar Miko, an associate of Chiroma, once again outside of formal banking channels.
The EFCC maintains that such cash-based transactions violate clear provisions of the Money Laundering Act, which mandates that high-value transactions be processed through authorized financial systems to ensure transparency and prevent the movement of illicit funds.
Both Buba and Mbagwu pleaded not guilty to all six counts when they were read to them in court.
On Bail Application and Arguments: Following the arraignment, Rotimi Oyedepo (SAN), the EFCC’s lead prosecutor, informed the court of the commission’s readiness to proceed with trial immediately and urged for an accelerated hearing.
In response, the defence counsel, J.J. Usman (SAN), applied for bail for both defendants, citing a motion filed on May 27.
The EFCC opposed the bail request, with Oyedepo arguing that the bail applications were prematurely filed. He noted that the defendants were neither in detention nor had they surrendered themselves at the time the applications were submitted — a situation he described as “seeking bail from the comfort of their homes.”
Despite the opposition, Justice Nwite granted bail to the defendants, setting the bail amount at N100 million each, along with one surety apiece in the same sum.
The judge laid out stringent conditions:
Each surety must own landed property in Abuja.
Original title documents of the properties must be deposited with the court.
Defendants must submit their international passports and two recent passport photographs.
Pending the fulfillment of their bail terms, the court ordered that Buba and Mbagwu be remanded in a correctional facility.
Justice Nwite adjourned the matter to July 17 and 18, 2025, for commencement of trial, signaling the court’s intention to treat the case with urgency.
The EFCC’s prosecution forms part of its broader crackdown on financial misconduct within Nigeria’s banking sector, which has increasingly come under scrutiny amid concerns over illicit capital movement, compliance failures, and executive collusion in high-value money laundering schemes.
SunTrust Bank has yet to issue a formal statement on the charges against its top executives. However, the case has sparked renewed debate around regulatory oversight in Nigeria’s banking system and the accountability of financial institutions in safeguarding the integrity of the financial sector.
