EFCC arraigns Sun Trust Bank MD, ED for alleged $12m fraud

The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, arraigned two senior executives of SunTrust Bank—Halima Buba, Managing Director and Chief Executive Officer, and Innocent Mbagwu, Executive Director and Chief Compliance Officer—on charges of money laundering totaling $12 million.

The arraignment took place before Justice Emeka Nwite of the Federal High Court in Abuja. The defendants face a six-count charge bordering on illegal cash transactions and conspiracy, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

According to the EFCC, Buba and Mbagwu allegedly facilitated the illegal transfer of $3 million in cash on March 10, 2025, in Abuja, to Suleiman Muhammed Chiroma and his associates.

This was contained in a press statement signed by Dele Oyewale, Head, Media and Publicity, EFCC.

The statement revealed that another $3 million transaction allegedly took place on March 13 in Lagos, directed to Mukhtar Miko, also linked to Chiroma—both transactions reportedly bypassed financial institutions, which is prohibited under Nigerian law.

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The two bank executives pleaded not guilty to all charges.

EFCC lead prosecutor, Rotimi Oyedepo, SAN, expressed readiness to commence trial immediately and asked the court for an accelerated hearing. Defense counsel, J.J.

Usman, SAN, urged the court to grant bail based on a previous application filed on May 27.

However, the prosecution objected, calling the application “incompetent” since it was filed while the defendants were neither under arrest nor before the court.

Justice Nwite overruled the objection and granted each defendant bail in the sum of ₦100 million, with one surety each in like sum.

The sureties must own landed property in Abuja, submit all relevant documents to the court, and provide two passport photographs and their international passports.

The court will verify all submitted documents and addresses.

The judge ordered that both defendants be remanded in a correctional facility until their bail conditions are met and adjourned the case to July 17 and 18, 2025, for trial continuation.