A combined picture of Halima Buba and Innocent Mbagwu
By Victory Oghene
It is no longer news that the Economic and Financial Crimes Commission (EFCC) arraigned Halima Buba, managing director (MD) and chief executive officer (CEO) of SunTrust Bank Ltd alongside Innocent Mbagwu, executive director (ED) and chief compliance officer of the bank over money laundering allegations.
NATIONAL WAVES reports that Buba and Mbagwu were arraigned before Emeka Nwite of the federal high court in Abuja, on Friday.
The EFCC is prosecuting Buba and Mbagwu on a six-count charge bordering on money laundering to the tune of $12 million.
The anti-graft agency alleged that Buba and Mbagwu facilitated the illegal cash movement of millions of dollars on different occasions without routing the transactions through any financial institution, in violation of Nigeria’s anti-money laundering laws.
Count two of the charge alleges that on March 10, 2025, in Abuja, the defendants aided one Femi Gbamgboye in making a $3 million cash payment to Suleiman Muhammed Chiroma and his associates.
The payment was allegedly made without passing through a financial institution, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count accuses the defendants of conspiring to make another $3 million cash payment on March 13, 2025, in Lagos, to one Mukhtar Miko, an associate of Chiroma, again without channelling the transaction through a financial institution.
Buba and Mbagwu pleaded not guilty to all charges.
Following their plea, Rotimi Oyedepo, the lead EFCC prosecutor, indicated the commission’s readiness to commence trial and requested an accelerated hearing.
However, J.J. Usman, defence counsel, prayed the court to grant bail to the defendants based on an application dated May 27.
Oyedepo opposed the application, arguing that the defendants were not under arrest or in custody at the time the application was filed and could not seek bail from the comfort of their homes.
He prayed the court to reject the application and require fresh bail motions.
After hearing arguments from both sides, Nwite granted bail to each defendant in the sum of N100 million, with one surety each in the same amount.
The sureties must own landed property in Abuja and deposit the property documents with the court. They are also required to submit their passports and two recent passport photographs.
The judge ordered that the defendants be remanded in a correctional facility until they meet their bail conditions and adjourned the case to July 17 and 18 for the trial to continue.
Sources privy to the matter squealed that being a weekend, (Friday Saturday and Sunday) the duo of Buba and Mbagwu had to cool their heels in prison as ordered by the judge because their bail could not be met because it was a weekend. Their bail were perfected on Monday before they regained their freedom.
Reacting to the development,
SunTrust Bank Nigeria Limited denied the reports claiming that its managing director and executive director have been remanded in custody.
In a statement on Saturday, Chinonso Atuegwu, the company’s head of corporate communications, said the court granted bail to the two executives.
He said the duo have met all bail conditions.
“We wish to clarify that while our Managing Director and Executive Director were before the court earlier today, the court has granted them bail, and they have since perfected all bail conditions,” the statement reads.
“They are not in custody, contrary to the inaccurate reports being widely circulated.”
Atuegwu said both executives have continued to cooperate fully with authorities, and the bank remains committed to supporting the legal process.
“We would like to reassure our esteemed customers, partners, and stakeholders that the operations of SunTrust Bank remain uninterrupted and that the Bank is committed to delivering excellent service across all touchpoints,” he added.
The spokesperson said the bank would not make further public comments as the matter is now before the court.
