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| SunTrust Bank Executives in Court Over Alleged $12 Million Fraud |
In a high-profile financial crime case making headlines across Nigeria, the Economic and Financial Crimes Commission (EFCC) has officially arraigned two senior executives of SunTrust Bank Limited for their alleged involvement in a $12 million money laundering operation.
The arraignment took place on Friday, June 13, 2025, at the Federal High Court in Abuja, presided over by Justice Emeka Nwite. The accused, Halima Buba, the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and Innocent Mbagwu, the Executive Director/Chief Compliance Officer, are facing a six-count charge that centers around alleged financial misconduct, conspiracy, and laundering of large sums of money.
According to the EFCC's statement released via its official Facebook page, the charges against the banking executives are grave. The prosecution alleges that the pair collaborated with other individuals to illegally move large sums of cash in violation of Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022.
Count Two of the Charges:
The second count states:
Another critical charge was read as follows:
When the charges were read in open court, both defendants pleaded "not guilty," signaling the start of what is expected to be a prolonged legal battle.
The prosecution, led by Rotimi Oyedepo (SAN), declared readiness to commence trial immediately and called on the court for an accelerated hearing, citing the public interest involved in the case.
However, the defense, represented by J.J. Usman (SAN), reminded the court of pending bail applications filed on May 27, 2025, and urged the court to consider the applications and grant the defendants bail.
In a surprising move, the prosecution opposed the existing bail application, terming it “premature and procedurally flawed.” Oyedepo argued that at the time of filing, the defendants had not yet been arrested, detained, or brought before the court—key conditions necessary for a valid bail request under the Administration of Criminal Justice Act (ACJA).
He insisted that the defendants appeared to have filed their applications “from the comfort of their homes or offices” and urged the court to disregard the earlier application and compel the accused to file fresh ones in open court.
This legal argument drew sharp opposition from the defense team, who maintained that the applications were valid and in order.
After considering submissions from both parties, Justice Emeka Nwite ruled in favor of granting bail to the accused, but under strict terms to ensure their availability throughout the trial.
The court granted bail in the sum of ₦100 million (one hundred million naira) each, with one surety each in like sum.
Key bail conditions include:
The case has now been adjourned to July 17 and 18, 2025, for the continuation of the trial. The court emphasized the need for expeditious handling of the case, given the high-profile nature and the involvement of banking sector leaders. Defection to APC Won’t Stop Corruption Probes—FG Reaffirms Commitment to Rule of Law Amid Allegations
The arraignment has sparked widespread discussions among financial experts, legal analysts, and the general public. Many Nigerians are watching closely, as the outcome of this case could set a significant precedent in Nigeria’s fight against economic and financial crimes.
The EFCC’s move has also raised concerns within the banking industry, particularly around compliance and risk management practices. If the allegations are proven, it could lead to further investigations into internal control failures and possible regulatory lapses within SunTrust Bank and beyond.
This case serves as a litmus test for Nigeria’s ongoing anti-corruption efforts. With two top banking officials now standing trial, the EFCC is sending a strong message about its resolve to hold even the most powerful accountable.
As the legal proceedings unfold, stakeholders in Nigeria’s banking and judicial systems, along with the public, will be watching to see if justice will be served swiftly and transparently.
For more updates on this developing story, stay tuned to PrimelineInfo.com.
Share your thoughts in the comments: Should bank executives be held personally accountable for corporate financial crimes?
The arraignment took place on Friday, June 13, 2025, at the Federal High Court in Abuja, presided over by Justice Emeka Nwite. The accused, Halima Buba, the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and Innocent Mbagwu, the Executive Director/Chief Compliance Officer, are facing a six-count charge that centers around alleged financial misconduct, conspiracy, and laundering of large sums of money.
According to the EFCC's statement released via its official Facebook page, the charges against the banking executives are grave. The prosecution alleges that the pair collaborated with other individuals to illegally move large sums of cash in violation of Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022.
Count Two of the Charges:
The second count states:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU, being the Executive Director/Chief Compliance Officer, on the 10th day of March, 2025, in Abuja within the jurisdiction of this Honourable Court, aided Femi Gbamgboye to make a cash payment of $3,000,000 (Three Million United States Dollars) to Suleiman Muhammed Chiroma and associates without going through a financial institution. This action constitutes an offence contrary to Sections 21(a), 2(1), 19(1)(d) and punishable under Section 19(2)(b) of the Money Laundering Act, 2022.”Count Three of the Charges:
Another critical charge was read as follows:
“That you, HALIMA BUBA and INNOCENT MBAGWU, on the 13th day of March, 2025 in Lagos, conspired to make a cash payment of $3,000,000 to Mukhtar Miko, an associate of Suleiman Muhammed Chiroma, without the involvement of any financial institution. This violates the same provisions of the Money Laundering Act, 2022.”These are just two of the six serious charges leveled against the accused, pointing to an alleged pattern of suspicious cash transactions outside the regulatory framework of Nigeria’s banking laws.
When the charges were read in open court, both defendants pleaded "not guilty," signaling the start of what is expected to be a prolonged legal battle.
The prosecution, led by Rotimi Oyedepo (SAN), declared readiness to commence trial immediately and called on the court for an accelerated hearing, citing the public interest involved in the case.
However, the defense, represented by J.J. Usman (SAN), reminded the court of pending bail applications filed on May 27, 2025, and urged the court to consider the applications and grant the defendants bail.
In a surprising move, the prosecution opposed the existing bail application, terming it “premature and procedurally flawed.” Oyedepo argued that at the time of filing, the defendants had not yet been arrested, detained, or brought before the court—key conditions necessary for a valid bail request under the Administration of Criminal Justice Act (ACJA).
He insisted that the defendants appeared to have filed their applications “from the comfort of their homes or offices” and urged the court to disregard the earlier application and compel the accused to file fresh ones in open court.
This legal argument drew sharp opposition from the defense team, who maintained that the applications were valid and in order.
After considering submissions from both parties, Justice Emeka Nwite ruled in favor of granting bail to the accused, but under strict terms to ensure their availability throughout the trial.
The court granted bail in the sum of ₦100 million (one hundred million naira) each, with one surety each in like sum.
Key bail conditions include:
- Sureties must own landed property in Abuja, with verified ownership documents submitted to the court.
- Sureties must deposit their international passports and two recent passport-sized photographs.
- All documents provided must undergo court verification, including verification of the sureties’ residences.
The case has now been adjourned to July 17 and 18, 2025, for the continuation of the trial. The court emphasized the need for expeditious handling of the case, given the high-profile nature and the involvement of banking sector leaders. Defection to APC Won’t Stop Corruption Probes—FG Reaffirms Commitment to Rule of Law Amid Allegations
The arraignment has sparked widespread discussions among financial experts, legal analysts, and the general public. Many Nigerians are watching closely, as the outcome of this case could set a significant precedent in Nigeria’s fight against economic and financial crimes.
The EFCC’s move has also raised concerns within the banking industry, particularly around compliance and risk management practices. If the allegations are proven, it could lead to further investigations into internal control failures and possible regulatory lapses within SunTrust Bank and beyond.
This case serves as a litmus test for Nigeria’s ongoing anti-corruption efforts. With two top banking officials now standing trial, the EFCC is sending a strong message about its resolve to hold even the most powerful accountable.
As the legal proceedings unfold, stakeholders in Nigeria’s banking and judicial systems, along with the public, will be watching to see if justice will be served swiftly and transparently.
For more updates on this developing story, stay tuned to PrimelineInfo.com.
Share your thoughts in the comments: Should bank executives be held personally accountable for corporate financial crimes?
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