The Economic and Financial Crimes Commission (EFCC) has arraigned two top executives of SunTrust Bank before the Federal High Court in Abuja over their alleged involvement in a $12 million money laundering scheme.
Halima Buba, Managing Director and Chief Executive Officer, alongside Innocent Mbagwu, Executive Director and Chief Compliance Officer, appeared before Justice Emeka Nwite on Friday to face six-count charges related to conspiracy and money laundering.
Details of the Allegations
According to the EFCC, the bank executives allegedly facilitated multiple cash payments that violated money laundering regulations. One significant transaction involved $3 million transferred to Suleiman Muhammed Chiroma and associates on March 10, 2025, without routing the funds through a financial institution as required by law.
The charge sheet also indicated that the defendants conspired on March 13, 2025, in Lagos to facilitate another $3 million transaction to Mukhtar Miko, an associate of Chiroma, similarly bypassing proper financial channels.
These actions allegedly contravene the Money Laundering (Prevention and Prohibition) Act of 2022, which requires large transactions to be processed through regulated financial institutions to prevent money laundering.
Court Proceedings
Both defendants pleaded not guilty to all charges during their arraignment. Lead EFCC counsel, Rotimi Oyedepo, requested an expedited hearing and challenged the bail applications submitted by the defense on May 27, arguing they were procedurally defective as they were filed before the defendants were formally arrested or arraigned.
Defense counsel J.J. Usman maintained that the bail applications were valid and urged the court to grant them.
After considering both arguments, Justice Nwite granted bail to both executives, setting conditions at N100 million each with one surety in like sum. The sureties must own landed properties in Abuja and submit property documents, international passports, and recent passport photographs for court verification.
The judge ordered that the defendants be remanded in a correctional facility until their bail conditions are met. The case has been adjourned to July 17 and 18 for trial.
This case highlights ongoing efforts by Nigerian financial crime authorities to enforce compliance with anti-money laundering regulations in the banking sector, particularly regarding large cash transactions that bypass official channels.
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