A Federal High Court sitting in Abuja has ordered the remand of the Managing Director of SunTrust Bank Limited, Halima Buba, and the bank’s Executive Director/Chief Compliance Officer, Innocent Mbagwu, over allegations of conspiracy and money laundering amounting to $12 million.
Justice Emeka Nwite issued the remand order on Friday after both bank executives pleaded not guilty to a six-count charge brought against them by the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, the defendants allegedly conspired to facilitate large cash transactions in violation of Nigeria’s anti-money laundering laws.
The prosecution alleged that on March 10, 2025, Buba and Mbagwu aided one Femi Gbamgboye in making a $3 million cash payment to Suleiman Muhammed Chiroma and his associates, without routing the funds through a financial institution.
The charge reads in part: “That you, Halima Buba, Managing Director/Chief Executive Officer SunTrust Bank Limited, and Innocent Mbagwu, Executive Director/Chief Compliance Officer, 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, thereby committing an offence contrary to Sections 2(a), 2(1), and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another count alleged that on March 13, 2025, in Lagos, both executives conspired to make a similar cash payment of $3 million to one Mukhtar Miko, also allegedly linked to Chiroma, again without going through proper banking channels.
Following their arraignment, EFCC’s lead counsel, Rotimi Oyedepo (SAN), told the court the prosecution was ready to commence trial immediately and urged for an accelerated hearing of the case.
However, defence counsel, J.J. Usman (SAN), urged the court to grant bail to the defendants based on applications already filed on May 27, 2025.
He argued that the defendants were responsible citizens with no criminal records and would not interfere with the trial.
Oyedepo opposed the bail request, arguing that the applications were procedurally flawed.
He submitted that the applications were filed when the defendants were neither arrested, detained, nor brought before the court, conditions required under the Administration of Criminal Justice Act (ACJA) to validly file for bail.
“The defendants filed for bail from the comfort of their homes and offices, when no process had been initiated against them,” Oyedepo stated, urging the court to dismiss the applications and direct the defendants to file fresh ones.
Despite the opposition, Justice Nwite admitted the defendants to bail in the sum of N100 million each, with one surety each in like sum.
The sureties must own verifiable landed property in Abuja, the documents of which are to be deposited with the court.
In addition, the judge ordered that the sureties submit their international passports and two recent passport photographs.
All submitted documents and addresses are to be verified before the defendants can be released.
Pending the fulfilment of the bail conditions, the judge ordered that Buba and Mbagwu be remanded at the Correctional Centre.
Justice Nwite adjourned the case to July 17 and 18, 2025, for the continuation of the trial.
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