Two senior executives of SunTrust Bank Ltd have been arraigned before a Federal High Court in Abuja on charges of money laundering involving $12 million, in a case that has highlighted regulatory violations in Nigeria’s banking sector.
Halima Buba, Managing Director/Chief Executive Officer, and Innocent Mbagwu, Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, appeared before Justice Emeka Nwite on Friday to face a six-count indictment brought by the Economic and Financial Crimes Commission (EFCC).
The charges center on allegations that the executives facilitated cash transactions totaling $12 million outside the formal banking system, in violation of Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022.
According to the indictment, one of the key charges alleges that on March 10, 2025, the defendants “assisted Femi Gbamgboye in executing a cash transaction amounting to Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without utilizing a financial institution.”
A third count in the indictment states that the executives “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.”
Both defendants pleaded not guilty to all charges when they appeared in court.
Lead prosecution counsel, Rotimi Oyedepo, SAN, expressed the prosecution’s readiness to proceed with the trial and requested an expedited hearing. However, the case immediately became embroiled in procedural disputes over bail applications.
Defense counsel J.J. Usman, SAN, informed the court of existing bail applications filed by the defendants on May 27, 2025, and urged the court to grant bail to his clients.
The prosecution strongly contested the validity of these pre-arraignment bail applications. Oyedepo argued that the bail application was “invalid” because “the defendants were neither under arrest nor in detention, nor had they appeared before the court” when it was filed.
He characterized the defendants’ approach as seeking “bail from the comfort of their homes or offices without any action taken against them,” contrary to the requirements of the Administration of Criminal Justice Act (ACJA).
The prosecution counsel requested the court to “disregard the aforementioned bail application and encouraged the defendants to submit new bail applications in court.”
Despite the procedural challenges raised by the prosecution, Justice Nwite granted bail to both defendants. The judge set bail at ₦100 million each, with one surety each required to provide the same amount.
The court imposed strict conditions on the sureties, requiring them to “possess landed properties in Abuja” with property details to be submitted to the court. Additionally, the sureties must “deposit their passports and two recent passport photographs with the court.”
Justice Nwite emphasized that “all documents provided by the sureties, including their residential addresses, must be verified by the court prior to approval.”
The judge ordered that both defendants be remanded in a correctional facility until their bail conditions are satisfied and adjourned the case until July 17 and 18 for trial continuation.
The case represents a significant test of Nigeria’s anti-money laundering framework and the accountability of banking executives in ensuring compliance with financial regulations. The charges carry serious implications for the defendants, who could face substantial penalties if convicted under the Money Laundering Act.
The trial continuation in July is expected to provide more details about the alleged transactions and the role of the named associates in the purported scheme.
