$12m fraud: Court shelves SunTrust MD’s bail revocation bid

The Federal High Court in Abuja has adjourned the trial of SunTrust Bank Managing Director, Halima Buba, and the bank’s Executive Director and Chief Compliance Officer, Innocent Mbagwu, to November 26.

The Economic and Financial Crimes Commission is prosecuting the duo over an alleged $12 million fraud.

Justice Emeka Nwite fixed the date on Wednesday for continuation of trial, saying other high-profile cases were also scheduled before the court.

The judge also cited the recent recommendation of his name and 11 other judges by the National Judicial Council for appointment to the Court of Appeal.

The EFCC had filed an application seeking the revocation of Buba’s bail after alleging that she failed to return to Nigeria within the period approved by the court for her to travel abroad for medical treatment arising from pregnancy complications.

Buba and Mbagwu were arraigned on July 13, 2025, and granted bail of N100 million each, with one surety each in like sum. The court also ordered them to deposit their international passports with the court registry.

When the matter was called on Wednesday, EFCC counsel, Ogechi Ujam, informed the court that it was scheduled for ruling on the commission’s application to revoke Buba’s bail.

However, Justice Nwite noted that Buba was present in court, saying the development had overtaken the need to rule on the application.

Ujam and Buba’s counsel, Johnson Usman, SAN, agreed with the court.

Usman subsequently informed the court that Buba had given birth to twin boys and thanked the judge for his indulgence.

The court, with the agreement of both parties, adjourned the matter until November 26 for continuation of trial.

The prosecution’s first witness, Suleiman Ciroma, had earlier testified that $12 million was allegedly swapped through SunTrust Bank within 10 days.

Ciroma gave the testimony on July 17, 2025, while being led in evidence by EFCC counsel, Ekele Iheanacho, SAN.

The witness identified Buba in court and told the court that although he had never met Mbagwu physically, they communicated by telephone.

He also tendered a bundle of documents in evidence in support of the prosecution’s case.