The Economic and Financial Crimes Commission (EFCC) on Friday arraigned Halima Buba and Innocent Mbagwu before Justice Emeka Nwite of the Federal High Court in Abuja over alleged involvement in a $12 million money laundering case.
According to an EFCC statement, Buba, the Managing Director and Chief Executive Officer of SunTrust Bank Ltd, and Mbagwu, the Executive Director and Chief Compliance Officer of the same bank, face a six-count charge related to money laundering.
One of the charges states:
“That you, HALIMA BUBA and INNOCENT MBAGWU, on 10 March 2025, in Abuja, within the jurisdiction of this Honourable Court, aided Femi Gbamgboye in making a cash payment of $3,000,000 to Suleiman Muhammed Chiroma and associates without passing through a financial institution—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.”
Another count alleges that on 13 March 2025, in Lagos, Buba and Mbagwu conspired to make a $3,000,000 cash payment to Mukhtar Miko, an associate of Suleiman Muhammed Chiroma, also bypassing financial channels—again in breach of the 2022 Money Laundering Act.
The defendants pleaded not guilty to all charges. Lead prosecution counsel, Rotimi Oyedepo, SAN, declared the EFCC’s readiness to commence trial and requested an accelerated hearing.
Defence counsel, J.J. Usman, SAN, reminded the court of existing bail applications dated 27 May 2025 and urged the court to uphold them.
However, Oyedepo challenged the validity of those applications, arguing they were incompetent as the defendants had filed them while neither arrested nor brought before the court. He urged the judge to dismiss the applications and requested that fresh bail applications be submitted in court.
Despite the prosecution’s objection, Justice Nwite granted each defendant bail of ₦100 million, with one surety each in like sum. The sureties must own landed property within Abuja, and deposit the title documents with the court. They must also submit their passports and two recent passport photographs.
The court directed that all surety documents and residential addresses be verified before approval. Meanwhile, the judge ordered the defendants to be remanded in a correctional facility pending the fulfilment of their bail conditions.
The court adjourned the case until July 17 and July 18 for continuation of the trial.