The Financial and Monetary Crimes Fee (EFCC) on Friday, June 13, 2025, arraigned the Managing Director/Chief Government Officer of SunTrust Bank Ltd, Halima Buba, and the Government Director/Chief Compliance Officer, Harmless Mbagwu, earlier than Justice Emeka Nwite of the Federal Excessive Court docket, Abuja.
The 2 high financial institution officers are being prosecuted on a six-count cost, bordering on cash laundering to the tune of $12 million (Twelve Million {Dollars}).
In accordance with the cost sheet introduced by the EFCC, Buba and Mbagwu allegedly aided high-value money transactions with out routing them by a monetary establishment, which contravenes provisions of the Cash Laundering (Prevention and Prohibition) Act, 2022.
One of many counts reads:
“That you simply, HALIMA BUBA, Managing Director/Chief Government Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Government Director /Chief Compliance Officer SunTrust Bank Ltd on the tenth day of March, 2025 in Abuja inside the jurisdiction of the Honourable Court docket aided Femi Gbamgboye to make a money fee of the sum of Three Million United States {Dollars} ($3,000,000) to Suleiman Muhammed Chiroma and associates with out going by a monetary establishment and thereby dedicated an offence opposite to Part 21(a), 2(1), 19(1)(d) of the Cash Laundering (Prevention and Prohibition) Act, 2022 and punishable below Part 19 (2) (b) of the identical Act.”
One other rely alleges that:
“On the thirteenth day of March, 2025 in Lagos inside the jurisdiction of this Honourable Court docket [they] conspired amongst [themselves] to make a money fee of the sum of Three Million United States {Dollars} ($3,000,000) to Mukhtar Miko an affiliate of Suleiman Muhammed Chiroma with out going by a monetary establishment.”
The cumulative transactions allegedly laundered are stated to whole $12 million.
When the costs have been learn to the defendants, they pleaded not responsible. The EFCC’s lead prosecution counsel, Rotimi Oyedepo, SAN, knowledgeable the courtroom that the Fee was able to proceed with the trial and requested an accelerated listening to of the case.
Then again, defence counsel, J.J. Usman, SAN, urged the courtroom to grant bail to the defendants, citing pending bail purposes dated Might 27, 2025.
Oyedepo objected to the Might 27 bail utility, arguing that it was incompetent. He identified that the defendants have been neither below arrest, nor in detention, nor had they appeared earlier than the courtroom on the time the appliance was filed.
He famous that the appliance was constructed from the consolation of their properties or workplaces when no motion had been taken towards them, and urged the courtroom to ignore the request and direct the defendants to submit contemporary purposes in courtroom.
Justice Emeka Nwite dominated in favour of the defence and granted the defendants bail within the sum of N100 million every. The courtroom additional stipulated that every defendant should present one surety in like sum.
The sureties should possess landed property inside Abuja, and the courtroom ordered that:
Justice Nwite adjourned the matter to July 17 and 18, 2025 for the continuation of trial.
