Court Grants ₦100 Million Bail Each to SunTrust Bank MD and Executive Director in $12 Million Cash Fraud Case
The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, arraigned two top executives of SunTrust Bank Ltd — Managing Director/CEO Halima Buba and Executive Director/Chief Compliance Officer Innocent Mbagwu — before Justice Emeka Nwite of the Federal High Court in Abuja. The pair face a six-count charge related to money laundering involving a total of $12 million.
According to the EFCC, Buba and Mbagwu allegedly helped facilitate large cash transactions without passing them through a financial institution, in violation of the Money Laundering (Prevention and Prohibition) Act of 2022.
One of the charges claims 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. Another count alleges that just three days later, on March 13, the executives conspired to make another $3 million cash payment in Lagos to Mukhtar Miko, another associate of Chiroma — again bypassing legal financial channels.
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Both Buba and Mbagwu pleaded not guilty to the charges.
EFCC’s lead prosecutor, Rotimi Oyedepo, SAN, expressed readiness for a speedy trial and requested accelerated hearing. Meanwhile, the defence counsel, J.J. Usman, SAN, urged the court to consider previously filed bail applications dated May 27.
However, the prosecution argued the bail applications were invalid since they were made while the defendants were not in custody or court. The EFCC insisted fresh applications should be submitted in court.
Despite the objections, Justice Nwite granted bail to both defendants in the sum of ₦100 million each, with one surety apiece. The sureties must possess landed property within Abuja and submit verified property documents, international passports, and recent passport photographs. Until the bail conditions are met, the court ordered the defendants to be remanded in a correctional facility.
The case was adjourned to July 17 and 18, 2025, for continuation of trial.
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