The Economic and Financial Crimes Commission, EFCC, finally arraigned Halima Buba and Innocent Mbagwu before Justice Emeka Nwite of the Federal High Court, Abuja for alleged fraud on Friday, June 13, 2025.
Recall that the defendants, who are Managing Director/Chief Executive Officer of SunTrust Bank Ltd and Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, respectively, are being prosecuted on a 6-count charge, bordering on money laundering to the tune of $12 million (Twelve Million Dollars).
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act,” count 2 of the charge read.
Count 3, “That you, HALIMA BUBA, the Managing Director/ChiefExecutive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2( 1 ), 19(1 )( d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
Halima Buba and Innocent Mbagwu pleaded not guilty to the above charges, prompting the lead prosecution counsel, Rotimi Oyedepo, SAN, to announce that the prosecution is prepared to continue with the trial.
Reminding the court of subsisting bail applications of the defendants dated May 27, 2025, the defence counsel, J.J. Usman, SAN, urged the judge to uphold the applications and admit the defendants to bail.
Responding, the prosecution counsel, Rotimi Oyedepo, said that the May 27, 2025, bail application of the defendants cannot be taken seriously because the defendants were not under arrest or detained in the first place.
He listed arrest and detention as the grounds approved by the Administration of Criminal Justice Act, ACJA, to warrant a bail application, stressing that a legal counsel cannot just decide to apply for bail when no action has been taken against whoever they are defending.
He then prayed the court to ignore the said bail application, urging the defendants to make new bail applications in court.
The prosecution counsel’s stance was expectedly tackled by the defence counsel, J.J. Usman, and after their back and forth, Justice Nwite eventually admitted the defendants to bail in the sum of N100 million each, as well as one surety each, in like sum.
According to the judge, the sureties must own landed properties in Abuja, and the particulars of the properties should be brought to the court.
He also asked the sureties to deposit their passports and two recent passport photographs with the court, stressing that every document provided, including their residences, must be verified by the court before approval.
Adjourning the case till July 17 and 18 for continuation of trial, Justice Nwite ordered both Halima Buba and Innocent Mbagwu to remain in a correctional facility until they fulfil their bail conditions.
