The Economic and Financial Crimes Commission, on Friday, arraigned two top executives of SunTrust Bank before Justice Emeka Nwite of the Federal High Court, Abuja, over alleged involvement in a $12 million money laundering scheme.
The defendants, Managing Director and Chief Executive Officer of SunTrust Bank, Halima Buba, and the Executive Director and Chief Compliance Officer, Innocent Mbagwu, were arraigned on a six-count charge bordering on conspiracy and money laundering.
EFCC said the accused allegedly facilitated cash payments in breach of money laundering regulations, including transactions involving $3 million made without passing through a financial institution.
One of the charges read: “That you, Halima Buba and Innocent Mbagwu, on March 10, 2025, in Abuja, aided Femi Gbamgboye to make a cash payment of $3,000,000 to Suleiman Muhammed Chiroma and associates without going through a financial institution.”
The offence is contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count accuses the two officials of conspiring on March 13, 2025, in Lagos, to facilitate a similar transaction involving $3 million to Mukhtar Miko, an associate of Chiroma, also without routing the funds through a financial institution.
Both defendants pleaded not guilty to all charges.
Lead EFCC counsel, Rotimi Oyedepo, urged the court for an accelerated hearing, arguing against the bail applications submitted earlier by the defence.
He told the court that the applications, filed on May 27, were legally defective as they were made while the defendants were neither arrested nor arraigned. He argued that bail applications must follow proper procedure under the Administration of Criminal Justice Act (ACJA).
However, the defence counsel, J.J. Usman, maintained that the bail request was valid and asked the court to grant it.
Ruling on the applications, Justice Nwite admitted both defendants to bail in the sum of N100 million each, with one surety each in like sum.
The sureties must own landed properties in Abuja, submit property documents, international passports, and two recent passport photographs, all subject to court verification.
The judge ordered that the defendants be remanded in a correctional facility pending the fulfilment of their bail conditions and adjourned the case to July 17 and 18 for trial.
