The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, arraigned two top executives of SunTrust Bank Ltd — Halima Buba, Managing Director/Chief Executive Officer, and Innocent Mbagwu, Executive Director/Chief Compliance Officer — before Justice Emeka Nwite of the Federal High Court, Abuja, over allegations of laundering $12 million.

The embattled banking executives are facing a six-count charge bordering on conspiracy and money laundering, including facilitating multi-million dollar cash transactions without passing through any financial institution, which violates Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022.

One of the charges reads:

“That you, HALIMA BUBA… and INNOCENT MBAGWU… on the 10th day of March, 2025 in Abuja… aided Femi Gbamgboye to make a cash payment of the sum of $3,000,000 to Suleiman Muhammed Chiroma and associates without going through a financial institution…”

Another charge alleges that on March 13, 2025, the duo conspired to pay another $3 million in Lagos to an associate of Chiroma, again bypassing regulated financial procedures.

Both defendants pleaded not guilty to all charges.

Lead prosecuting counsel Rotimi Oyedepo, SAN, stated the EFCC’s readiness for accelerated trial and objected to the bail applications submitted earlier by the defence, arguing they were filed prematurely — “from the comfort of their homes” before any court appearance.

However, despite opposition from the EFCC, Justice Nwite granted each of the defendants bail in the sum of ₦100 million with one surety in like sum. The sureties must own verifiable landed properties in Abuja, submit their passport photographs and travel documents, and all details must be verified by the court.

Pending fulfilment of their bail conditions, the court ordered the remand of both executives in a correctional facility. The matter was adjourned to July 17 and 18, 2025 for the continuation of trial.

Stay with Gist Reports for more updates on this developing story.