The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, Managing Director/CEO of SunTrust Bank, and Innocent Mbagwu, the bank’s Executive Director/Chief Compliance Officer, over alleged involvement in a $12 million money laundering scheme.
Both executives appeared before Justice Emeka Nwite at the Federal High Court in Abuja on Friday, facing a six-count charge under the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges revealed they allegedly facilitated a $3 million cash transaction on March 10, 2025, without routing it through a financial institution. A similar transaction of another $3 million reportedly took place in Lagos on March 13.
Both defendants pleaded “not guilty”.
EFCC’s counsel, Rotimi Oyedepo, requested an accelerated trial, while defence lawyer J.J. Usman sought bail based on an earlier application, which the prosecution opposed as improperly filed.
Justice Nwite granted each defendant bail at N100 million, with conditions including a surety owning landed property in Abuja and surrender of international passports. The court also ordered their remand until the bail terms are fulfilled.
The case was adjourned to July 17 and 18, 2025, for continuation of trial.
