The Economic and Financial Crimes Commission (EFCC), on Friday, June 13, 2025, arraigned Halima Buba and Innocent Mbagwu before Justice Emeka Nwite of the Federal High Court, Abuja, for alleged fraud.
![](https://thenigerialawyer.com/wp-content/uploads/2025/05/idrinstitute.png")
The defendants, who are the Managing Director/Chief Executive Officer and the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, respectively, are being prosecuted on a six-count charge bordering on money laundering to the tune of $12 million (Twelve Million United States Dollars).
Count Two of the charge reads:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and INNOCENT MBAGWU, being the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, on the 10th day of March, 2025, in Abuja, within the jurisdiction of this 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 Sections 2(1)(a), 2(1), and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.”
Count Three reads:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and INNOCENT MBAGWU, 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 Sections 2(1)(a), 2(1), and 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.”
The defendants pleaded “not guilty” to all the charges when they were read to them. Following this, the lead prosecution counsel, Rotimi Oyedepo, SAN, announced the prosecution’s readiness to proceed with the trial and prayed for an accelerated hearing of the case.
On his part, defence counsel J.J. Usman, SAN, reminded the court of the defendants’ pending bail applications dated May 27, 2025, and prayed the court to grant the applications and admit the defendants to bail.
In response, the prosecution described the May 27 bail applications as incompetent, arguing that the defendants were neither under arrest, nor in detention, nor had they appeared before the court at the time. According to the prosecution, bail applications, under the Administration of Criminal Justice Act (ACJA), must be predicated on such conditions, and the defendants had instead applied for bail from the comfort of their homes or offices before any legal action was initiated. He therefore urged the court to disregard the said applications and asked that fresh bail applications be made in court.
While the defence opposed this argument, Justice Nwite admitted the defendants to bail in the sum of ₦100 million (One Hundred Million Naira) each, with one surety in like sum.
The court stipulated that the sureties must own landed property within Abuja, with the property documents deposited with the court. Additionally, the sureties are to submit their international passports and two recent passport photographs. All documents, including proof of residence, must be verified by the court before bail is approved.
Justice Nwite ordered that the defendants be remanded in a correctional facility pending the fulfilment of their bail conditions and adjourned the matter to July 17 and 18, 2025, for continuation of trial.
A timely new publication, Casebook on Privacy & Data Protection in Nigeria, co-authored by Olumide Babalola and Uchenna Nnawuchi, 📘Casebook on Privacy & Data Protection in Nigeria is now available on Amazon: https://a.co/d/8TmFZrd
______________________________________________________________________
Groundbreaking Guide For Lawyers: Adigwe Publishes ‘Artificial Intelligence For Lawyers’ With Free Research eBook
Authored by Ben Ijeoma Adigwe Esq., ACiarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
______________________________________________________________________
Alexander Payne Co. Law Reports
Contact & Orders 📞 0704 444 4777 | 0704 444 4999 | 0818 199 9888 🌐 www.alexandernigeria.com
______________________________________________________________________
The books are available for purchase at:
Online: www.educodex.com | www.selar.com | www.amazon.com | www.mikeozekhome.com
Enquiries: +234 704 044 9375 | +234 814 813 4773 | +234 816 872 3532
Email: educodexl@gmail.com
______________________________________________________________________
Explore Nigeria’s Constitutional System — 17 Chapters, 924 Pages Of Insight By Prof. Hagler Sunny Okorie
