A combo of SunTrust Bank MD, Halima Buba and logo Photo: Inshot
By Our Reporter
Another crisis of monumental proportion has Rocked the SunTrust Bank Limited, following the resignation of a long-serving director, Mr Arho Akpe, and reports that six senior management staff members have submitted resignation letters over concerns about the bank’s corporate governance and ethical standards.
The development, according to sources familiar with events at the bank’s headquarters, has exposed deep divisions within the board and management, with allegations of financial impropriety, internal power struggles and concerns over the institution’s financial position dominating discussions.
Akpe’s resignation, which reportedly took place last week, is said to have further heightened tensions at the bank, while the reported decision by six management officials to quit has added another layer to the unfolding crisis.
Although the board has yet to formally accept the resignation letters, sources claim that the board chairman, Mr Olanrewaju Shittu, and another influential director, Mr Mohammed Barde, have been making efforts to persuade the affected officials to reconsider their decisions.
At the centre of the controversy are allegations concerning Barde’s influence over the bank, his reported shareholding interests and questions surrounding the process through which SunTrust Bank allegedly met its recapitalisation requirements.
Sources allege that Barde, who is said to control approximately 70 per cent of the bank’s equity, either directly or through proxy shareholders, has exercised considerable influence over its operations and decision-making processes.
The most contentious issue reportedly concerns the bank’s recapitalisation exercise, which insiders claim was concluded in August as the institution marked its tenth anniversary.
According to sources, questions have been raised about the methods allegedly employed to raise and deploy funds for the exercise, including claims that depositors’ funds were mobilised in ways that may not have complied with applicable regulatory requirements.
The allegations, if substantiated, could raise serious questions about the bank’s compliance with the Central Bank of Nigeria’s recapitalisation guidelines.
There are also claims that the alleged financial arrangements, alongside management disagreements, may have contributed to pressure on the bank’s liquidity position, with insiders expressing concerns about its cash-flow situation.
EFCC, CBN scrutiny allegedly underway
The crisis has reportedly attracted the attention of financial regulators and anti-graft investigators.
Sources at the bank claim that the Economic and Financial Crimes Commission (EFCC) may have commenced investigations following petitions submitted by some stakeholders over alleged irregularities in the mobilisation of funds for the recapitalisation exercise.
There are also claims that CBN examiners are conducting spot checks on the bank’s books and financial records.
However, the nature and scope of any such investigation or regulatory examination could not be independently established as of the time of filing this report.
Further allegations by insiders suggest that Barde has expressed confidence that his relationships within the apex bank would help him weather any regulatory challenges. One Deputy Governor was mentioned by sources as allegedly having a close relationship with the director.
These claims, however, remain unverified, and there is no independently established evidence that any CBN official has intervened to shield the director from regulatory action.
Board chairman, director reportedly at loggerheads
Beyond the alleged financial concerns, the bank is said to be grappling with an internal power struggle involving its chairman, Shittu, and Barde.
Sources claim that Shittu has been making efforts to stabilise the institution and contain the fallout from the disagreements, while his relationship with the influential director has reportedly deteriorated.
The situation has allegedly been complicated by a separate dispute involving Barde and a customer of the bank over a prime property in Lagos.
The director is alleged to be seeking control of the property under the guise of debt recovery, an allegation that would require independent verification and a response from the parties involved.
An insider, commenting on the alleged concentration of ownership and influence at the bank, said the situation had become a source of serious discomfort among other directors, management officials and some high-net-worth customers.
The source alleged that the director’s reported direct and indirect shareholding had given him an unusually strong grip on the institution, creating tensions over corporate governance and accountability
SunTrust’s previous controversy
The latest allegations have also revived attention to SunTrust Bank’s appearance in the controversy surrounding the $13 million linked to businesswoman Aisha Achimugu and Oceangate Engineering Oil & Gas Ltd.
The controversy involved funds allegedly mobilised through cash transactions and intermediaries in connection with payments for two oil blocks.
On March 25, 2026, the Federal High Court in Abuja ordered the final forfeiture of the $13 million to the Federal Government after ruling that Oceangate had failed to satisfactorily establish the legitimate source of the funds.
Although SunTrust Bank has featured in reports surrounding the wider controversy, the specific allegations concerning its role in the transactions should be distinguished from the findings of the forfeiture proceedings.
With a serving director reportedly gone, several management officials said to be considering their future at the institution, and allegations of regulatory and financial irregularities mounting, the unfolding developments could pose a significant test for the bank’s leadership.
As of press time, SunTrust Bank had yet to issue an official statement on the allegations or the reported resignations.
