EFCC Arraigns CEO, Compliance Officer of SunTrust Bank Over $12 Million Fraud
Halima Buba up and Innocent Mbagwu down
The Economic and Financial Crimes Commission (EFCC) on Friday arraigned Halima Buba and Innocent Mbagwu before Justice Emeka Nwite of the Federal High Court, Abuja, over an alleged $12 million fraud.
The defendants Halima Buba, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and Innocent Mbagwu, Executive Director/Chief Compliance Officer of the same bank are facing a six-count charge bordering on money laundering to the tune of $12 million (Twelve Million United States Dollars).
Count Two of the charge reads:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and INNOCENT MBAGWU, Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, on the 10th day of March, 2025, in Abuja, within the jurisdiction of this Honourable Court, aided Femi Gbamgboye in making a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without passing through a financial institution, thereby committing an offence contrary to Sections 2(1)(a), 2(1), and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.”
Count Three states:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and INNOCENT MBAGWU, Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, on the 13th day of March, 2025, in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko, an associate of Suleiman Muhammed Chiroma, without going through a financial institution, thereby committing an offence contrary to Sections 2(1)(a), 2(1), and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.”
Upon arraignment, both defendants pleaded not guilty to all six charges. Following their pleas, the lead prosecution counsel, Rotimi Oyedepo, SAN, informed the court of the prosecution’s readiness to commence trial and prayed for an accelerated hearing.
In response, defence counsel J.J. Usman, SAN, reminded the court of the pending bail applications filed on behalf of the defendants, dated May 27, 2025. He urged the court to grant bail based on those applications.
However, the prosecution opposed the application, describing it as procedurally incompetent. Oyedepo argued that, under the Administration of Criminal Justice Act (ACJA), bail applications must stem from circumstances such as arrest, detention, or court appearance. In this case, he submitted, the defendants had neither been arrested nor detained prior to the filing of their bail applications and, instead, filed from the “comfort of their homes or offices” without any legal compulsion. He therefore urged the court to disregard the applications and instruct the defendants to file fresh ones.
Despite the prosecution’s objection, Justice Nwite granted bail to both defendants in the sum of ₦100 million (One Hundred Million Naira) each, with one surety apiece in like sum. The sureties must possess landed property within Abuja, the details of which must be deposited with the court. Additionally, the sureties are required to submit their international passports and two recent passport-sized photographs.
The court ordered that all documents provided by the sureties, including proof of residence, be verified before final approval of the bail. Pending fulfillment of these conditions, the defendants are to be remanded in a correctional facility.
The matter was adjourned to July 17 and 18, 2025, for continuation of trial.
