Halima Buba, the Managing Director and Chief Executive Officer of SunTrust Bank Ltd, has been arraigned by the Economic and Financial Crimes Commission (EFCC) over a $12 million money laundering case. She appeared before Justice Emeka Nwite at the Federal High Court in Abuja on Friday, alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer.
The EFCC filed a six-count charge against them, accusing both executives of violating Nigeria’s anti-money laundering laws by handling large sums of money outside official financial channels. One of the charges states that on March 10, 2025, they allegedly helped Femi Gbamgboye deliver $3 million in cash to Suleiman Muhammed Chiroma and his associates in Abuja without using a bank. Another charge claims they repeated a similar act on March 13, 2025, in Lagos, handing $3 million to Mukhtar Miko without going through legal banking processes.
Both Buba and Mbagwu pleaded not guilty. EFCC’s lead prosecutor, Rotimi Oyedepo, said the agency was ready for trial and requested a quick hearing. Defence lawyer J.J. Usman, however, asked the court to grant bail based on a motion filed on May 27. Oyedepo opposed the motion, noting it was filed before the defendants were in custody, and urged the court to insist on a new application for detention.
Justice Nwite ruled in favour of bail, setting the amount at N100 million each with one surety of equal value. The sureties must own property in Abuja, submit the title papers to the court, and provide two recent passport photos and their international passports.
Until they meet these bail conditions, Buba and Mbagwu will remain in a correctional facility. The court scheduled the trial to continue on July 17 and 18.
