The Economic and Financial Crimes Commission (EFCC) has revealed startling details of how Halima Buba, the managing director of SunTrust Bank Nigeria Limited, and director – Innocent Mbagwu laundered $12 million through a complex web of financial transactions designed to conceal the origin of the funds.
The bank executives were on Friday docked before Justice Emeka Nwite of the Federal High Court, Abuja for the alleged crime.
The defendants are being prosecuted on a six-count charge bordering on money laundering to the tune of $12 million (Twelve Million Dollars).
During the court proceedings, the prosecution informed the court that the defendants acted in concert to exploit their positions within the bank to facilitate unauthorized fund transfers, bypassing internal controls and regulatory checks.
The EFCC maintains that the financial maneuvers were not only fraudulent but also indicative of systemic abuse of corporate authority within the bank’s leadership.
Count two of the charge reads: “That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”