SunTrust Bank Nigeria Limited has issued a formal statement refuting reports that its Managing Director and Executive Director are in custody following their arraignment by the Economic and Financial Crimes Commission (EFCC) over an alleged $12 million fraud.
In the statement released on June 14, 2025, the bank clarified that while both executives appeared in court on June 13, they were granted bail and have since fulfilled all bail conditions.
"We wish to clarify that while our Managing Director and Executive Director were before the court earlier today, the court has granted them bail, and they have since perfected all bail conditions. They are not in custody, contrary to the inaccurate reports being widely circulated," said Chinonso Atuegwu, Head of Corporate Communications at SunTrust Bank.
Business Operations Remain Unaffected
The bank emphasized that its operations continue to run smoothly despite the ongoing legal proceedings. SunTrust assured customers, partners, and stakeholders that service delivery remains uninterrupted across all touchpoints.
"We would like to reassure our esteemed customers, partners, and stakeholders that the operations of SunTrust Bank remain uninterrupted and that the Bank is committed to delivering excellent service across all touchpoints," the statement continued.
While acknowledging the legal proceedings, the bank stated that both executives have been fully cooperative with authorities and that SunTrust remains committed to supporting the legal process. However, as the matter is now before the court, the bank indicated it would refrain from making additional public comments.
The bank expressed gratitude to its stakeholders for their continued trust and understanding during this period.
This clarification comes after BenriNews reported that the EFCC had arraigned SunTrust Bank top executives over the alleged fraud case, which had sparked concerns about the bank's leadership and operational stability.
Financial analysts note that such legal challenges involving top banking executives can potentially impact investor confidence, but SunTrust's prompt clarification aims to mitigate any negative market reactions.
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