EFCC Arraigns Suntrust Bank MD Halima Buba, Director Over $12 Million Fraud

 The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, Managing Director and Chief Executive Officer of SunTrust Bank Nigeria Limited, alongside the bank’s Executive Director and Chief Compliance Officer, Innocent Mbagwu, over alleged money laundering offences amounting to $12 million, News360 Nigeria reports.

The duo appeared before Justice Emeka Nwite of the Federal High Court, Abuja, on Friday to answer a six-count charge bordering on money laundering.

In one of the charges, the EFCC accused the defendants of aiding one Femi Gbamgboye to make a cash payment of $3 million to Suleiman Muhammed Chiroma and associates without passing through a financial institution, an act allegedly committed on March 10, 2025, in Abuja.

Another count alleged that on March 13, 2025, in Lagos, both Buba and Mbagwu conspired to make a cash payment of $3 million to Mukhtar Miko, an associate of Suleiman Muhammed Chiroma, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

Both defendants pleaded not guilty to all charges when read to them.

Lead prosecution counsel, Rotimi Oyedepo (SAN), expressed readiness to proceed with the trial and sought an accelerated hearing.

However, defence counsel J.J. Usman (SAN) reminded the court of an existing bail application dated May 27, 2025, urging the court to grant bail to the defendants.

Oyedepo, in response, argued that the bail application was filed prematurely as the defendants were neither in custody nor before the court at the time it was made.

He urged the court to disregard the application and have the defendants file fresh ones.

Despite the objections, Justice Nwite admitted both defendants to bail in the sum of ₦100 million each, with one surety apiece in like sum.

The sureties must possess verifiable landed properties within Abuja and submit their title documents to the court. Additionally, the sureties are to deposit their international passports and two recent passport photographs with the court.

Pending the fulfilment of the bail conditions, the judge ordered that the defendants be remanded in a correctional facility and adjourned the matter till July 17 and 18 for continuation of trial.