Top Bank Executives Arraigned Over Alleged $12 Million Fraud

The Economic and Financial Crimes Commission (EFCC) brought charges against Halima Buba and Innocent Mbagwu before Justice Emeka Nwite at the Federal High Court in Abuja for alleged fraudulent activities.

As stated by the EFCC, the accused, who hold the positions of Managing Director/Chief Executive Officer and Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, respectively, are facing prosecution on a six-count indictment related to money laundering involving a total of $12 million (Twelve Million Dollars).

The second count of the indictment specifies 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 10th of March, 2025, in Abuja, within the jurisdiction of the Honourable Court, assisted Femi Gbamgboye in executing a cash transaction amounting to Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without utilizing a financial institution, thereby committing an offence in violation of Section 21(a), 2(1), and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, which is punishable under Section 19(2)(b) of the same Act.

Count three reads: “That you, HALIMA BUBA, the Managing Director/ChiefExecutive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th 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 Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 2l(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.”

They entered a plea of “not guilty” to all charges presented to them.

Subsequently, the lead prosecution counsel, Rotimi Oyedepo, SAN, declared the prosecution’s readiness to commence the trial and requested an expedited hearing of the case.

In response, the defence counsel, J.J. Usman, SAN, reminded the court of the existing bail applications submitted by the defendants on May 27, 2025, and requested that the court uphold these applications and grant bail to the defendants.

The prosecution counsel, in his reply, characterised the bail application dated May 27, 2025, as invalid, arguing that the defendants were neither under arrest nor in detention, nor had they appeared before the court. These conditions, as stipulated by the Administration of Criminal Justice Act (ACJA), are necessary for a bail application. Instead, the defendants sought bail from the comfort of their homes or offices without any action taken against them.

He thus requested the court to disregard the aforementioned bail application and encouraged the defendants to submit new bail applications in court.

Naijaonpoint reports that despite the defence’s opposition to the prosecution’s stance, Justice Nwite granted the defendants bail in the amount of ₦100 million each, along with one surety each, in the same amount.

The sureties must possess landed properties in Abuja, and the details of these properties are to be submitted to the court. Additionally, the sureties are required to deposit their passports and two recent passport photographs with the court.

Furthermore, all documents provided by the sureties, including their residential addresses, must be verified by the court prior to approval.

He ordered that the defendants be remanded in a correctional facility until their bail conditions are met and adjourned the proceedings until July 17 and 18 for further continuation.