A major money laundering case has landed senior SunTrust Bank officials in court.
The situation has sparked public interest, with many questioning how the funds were moved outside normal banking procedures.
Two senior officials of SunTrust Bank are now facing trial over their alleged role in a $12 million money laundering case. They appeared before Justice Emeka Nwite of the Federal High Court in Abuja on Friday, following their arraignment by the Economic and Financial Crimes Commission (EFCC).
The individuals involved are the bank’s Managing Director and Chief Executive Officer, Halima Buba, and its Executive Director and Chief Compliance Officer, Innocent Mbagwu. Both have been charged with six counts, including conspiracy and illegal handling of large sums of money.
The EFCC alleges that the pair helped facilitate cash transactions that violated Nigeria’s anti-money laundering laws. One of the counts accused them of assisting a man named Femi Gbamgboye in handing over $3 million in cash to Suleiman Muhammed Chiroma and others without going through a financial institution. This transaction was said to have taken place on March 10, 2025, in Abuja.
Another charge alleges that just three days later, on March 13, the executives were involved in a similar deal in Lagos. They allegedly helped transfer another $3 million in cash to Mukhtar Miko, who is reportedly linked to Chiroma. Again, the funds did not pass through any bank or legal channel.
Both Buba and Mbagwu denied all the allegations when the charges were read to them in court.
EFCC’s lead lawyer, Rotimi Oyedepo, asked the court to fast-track the trial and questioned the validity of the bail applications earlier submitted by the defence team. He pointed out that the applications were filed before the accused persons were taken into custody, making them legally inappropriate under the country’s criminal procedure laws.
However, the defence lawyer, J.J. Usman, insisted that the bail request was lawful and urged the judge to approve it.
Justice Nwite eventually granted bail to both defendants, fixing the amount at N100 million each. The court also required one surety per person, with proof of land ownership in Abuja. Other conditions include the submission of international passports, recent passport photos, and property documents for court review.
Until they meet these requirements, the accused will remain in custody. The trial has been scheduled to continue on July 17 and 18.
