The Federal High Court in Abuja has adjourned the $12 million money laundering charge arraignment of the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, along with the bank’s Chief Compliance Officer, Innocent Mbagwu, to June 4, 2025.
Justice Emeka Nwite fixed the date on Tuesday after the legal team of the Economic and Financial Crimes Commission (EFCC) and the defense took divergent legal positions regarding the service of a $12 million money laundering charge by the EFCC at the Federal High Court in Abuja.
The EFCC charge involves allegations of a $12 million fraud leveled against the two top executives of the bank.
The EFCC is prosecuting Buba and Mbagwu for alleged conspiracy and for aiding cash payments to different persons involving millions of dollars beyond the prescribed threshold, without passing through a financial institution.
This, according to the EFCC, is contrary to Sections 21(a), 2(1), and 9(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and is punishable under Section 19(2)(b) of the same Act.
The 6-count charge partly reads:
“That, HALIMA BUBA, the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, on the 20th 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 Two Million United States Dollars ($2,000,000) to Sani S. Ali Fagge, an associate of Suleiman Muhammed Chiroma, without going through a financial institution and thereby committed an offence contrary to Sections 21(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19(2)(b) of the same Act.”
“My lord, the prosecution has not been able to serve the defendants. Ironically, they are apparently aware of today’s proceedings as their legal representatives are in court. My learned brother silk friend informed me earlier that they are willing to receive the service on behalf of their clients,” he said.
“Our clients instructed us to appear in court because they read about the case on social media. They have not been served. We approached the learned silk for the prosecution and undertook to accept service on behalf of our clients. We asked him to serve us, but he refused. My lord has made several orders in similar matters allowing service through legal representatives,” he said.
The judge asked the EFCC lawyer if the bank MD had once honored the Commission’s invitation for questioning, to which he responded in the affirmative.
Nwite held that the law states that if one cannot serve a defendant with the charge, such a person can be served through their lawyer.
In a short ruling, Nwite directed the prosecution to file and bring its application for substituted service on counsel to the defendants on or before Thursday, May 29, 2025.
Justice Nwite then adjourned the matter till June 4, 2025, for the arraignment of the defendants.