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 alleged involvement in a $12 million money laundering scheme.
Buba, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and Mbagwu, the bank’s Executive Director/Chief Compliance Officer, were docked on a six-count charge bordering on money laundering offenses allegedly committed in March 2025.
One of the charges (count two) accuses the duo of aiding Femi Gbamgboye on March 10, 2025, to make a cash payment of $3 million to Suleiman Muhammed Chiroma and associates in Abuja without passing through a financial institution — a violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count (count three) alleges that on March 13, 2025, Buba and Mbagwu conspired in Lagos to pay another $3 million in cash to Mukhtar Miko, an associate of Chiroma, again without utilizing a financial institution, contravening the same anti-money laundering provisions.
Both defendants pleaded not guilty to all six charges when read to them in court. Prosecution counsel, Rotimi Oyedepo, SAN, stated the EFCC’s readiness to proceed with trial and requested an accelerated hearing.
Defense counsel J.J. Usman, SAN, urged the court to grant bail to the defendants, referencing their pending bail applications dated May 27, 2025. Oyedepo, however, argued that the applications were “incompetent,” noting the defendants were not under arrest or detention when the applications were filed and had not yet appeared in court.
Justice Nwite, in his ruling, granted bail to the defendants in the sum of ₦100 million each, with one surety each in like sum. The sureties must possess landed property in Abuja, submit the title documents to the court, and deposit their international passports and two passport photographs. The court will also verify all documents and addresses provided by the sureties.
Pending the fulfillment of their bail conditions, Buba and Mbagwu were ordered to be remanded in a correctional facility. The case was adjourned to July 17 and 18 for continuation of trial.
