EFCC Drags SunTrust Bank Chiefs to Court Over $12m Money Laundering Scandal
On Friday, June 13, 2025, the Economic and Financial Crimes Commission (EFCC) arraigned two top executives of SunTrust Bank Ltd — Halima Buba, Managing Director/CEO, and Innocent Mbagwu, Executive Director/Chief Compliance Officer — before Justice Emeka Nwite of the Federal High Court, Abuja. They face a six-count charge bordering on money laundering involving $12 million.
According to the EFCC, the duo facilitated massive cash transactions without routing them through a financial institution — a violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges alleges that on March 10, 2025, the accused helped Femi Gbamgboye make a $3 million cash payment to Suleiman Muhammed Chiroma and his associates in Abuja. Another charge claims that three days later in Lagos, they conspired to pay another $3 million in cash to Mukhtar Miko, an associate of Chiroma.
Both Buba and Mbagwu pleaded not guilty.
Lead EFCC counsel, Rotimi Oyedepo, SAN, pushed for an accelerated trial, while defence counsel J.J. Usman, SAN requested bail, referencing an earlier application dated May 27, 2025. However, the prosecution countered, saying the application was invalid since it was filed before their arraignment, with the accused still at liberty.
Despite objections, Justice Nwite granted bail to the defendants in the sum of ₦100 million each, with one surety per person, each owning property in Abuja. The court also required submission of passports, photos, and residence verification.
The accused were remanded in custody pending bail compliance, and the trial was adjourned to July 17 and 18, 2025.
