How Halima Buba, SunTrust Bank CEO, director ‘laundered $12m’ – EFCC

Halima Buba, the managing director/CEO of SunTrust Bank Nigeria Limited and the bank’s Executive Director/CCO, Innocent Mbagwu are in trouble over alleged $12 million money laundering. 

The arraignment of the bank’s top executives before the Federal High Court in Abuja on Tuesday were stalled due to the absence of the defendants in court.

Justice Emeka Nwite was set to hear the case filed by the Economic and Financial Crimes Commission (EFCC), which accuses Halima Buba and Innocent Mbagwu of conspiring to launder $12 million in cash payments, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

They were accused of conspiracy and aiding cash payments to different persons involving millions of dollars beyond the prescribed threshold without passing through a financial institution contrary to Section 21(a), 2(1), and 9(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.

At the resumed hearing, the EFCC lead counsel, Senior Advocate Ekele Iheanacho, told the court that efforts to serve the defendants had so far failed.

“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,” Iheanacho said, adding that the defence counsel had indicated willingness to accept service on their behalf.

To address the issue, the EFCC plans to file an ex parte motion for substituted service, in line with Section 382(5) of the Administration of Criminal Justice Act (ACJA).

“We do not oppose this but we wish to comply with Section 382(5) of the ACJA, which requires us to bring an application for substituted service by way of an ex parte application,” said Iheanacho. “This can be taken before the next adjourned date, and both parties have agreed that the arraignment can be rescheduled for June 4, 2025.”

Defence counsel, J.J. Usman (SAN), confirmed that his clients only became aware of the hearing via social media.

“Our clients instructed us to appear in court because they read about the case on social media. They have not been served,” Usman said. “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.”

Usman cautioned that failure to serve through counsel could result in unnecessary arrests and public embarrassment for the defendants.

“We are here and are pleading with the court to direct that service be effected on us. We are ready to appear with our clients on the next adjourned date,” he added.

Iheanacho dismissed the warning as speculative, insisting that proper procedure required a formal court order.

Justice Nwite granted the adjournment and directed the EFCC to file the substituted service application by May 29, 2025. The arraignment was rescheduled for June 4, 2025.

SunTrust Bank is one of the new entrants into the Nigerian financial system with headquarters at 1, Oladele Olashore Street, Off Sanusi Fafunwa Street, Victoria Island, Lagos.

The lender is chaired by Olanrewaju Shittu, a former director at the Central Bank of Nigeria (CBN).