The Economic and Financial Crimes Commission (EFCC) has taken Halima Buba, the Managing Director of SunTrust Bank Nigeria Limited, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, to court over a suspected money laundering case worth $12 million.
Both were brought before Justice Emeka Nwite at the Federal High Court in Abuja on Friday. They were charged with six offences, all linked to illegal handling of large sums of money.
According to the EFCC, on March 10, 2025, in Abuja, the two bank executives helped Femi Gbamgboye to pay $3 million in cash to Suleiman Muhammed Chiroma and his associates—without using a financial institution, which violates Nigerian money laundering laws.
In another instance, the EFCC said that on March 13, 2025, in Lagos, the duo planned and carried out another $3 million cash payment to Mukhtar Miko, a known associate of Chiroma. This also goes against the Money Laundering (Prevention and Prohibition) Act of 2022.
When the charges were read, both Buba and Mbagwu pleaded not guilty.
The EFCC’s lead lawyer, Rotimi Oyedepo (SAN), said they were ready to begin the trial immediately and asked the judge to fast-track the proceedings.
The defence lawyer, J.J. Usman (SAN), brought up a bail request submitted on May 27, 2025, asking the court to grant his clients bail.
However, Oyedepo argued that the bail application was made too early since the accused were not yet in custody or before the court at the time. He asked the court to ignore the request and advised the defendants to file a new one.
Despite the argument, Justice Nwite granted bail to both Buba and Mbagwu. Each was given ₦100 million bail with one surety each. The sureties must own land in Abuja, submit their property documents, deposit their international passports, and provide two recent passport photos.
The judge ordered that until they meet these bail conditions, the two executives would remain in custody. The court then set the next trial dates for July 17 and 18.
