Two top executives from SunTrust Bank, Halima Buba and Innocent Mbagwu, have been brought before Justice Emeka Nwite at the Federal High Court in Abuja over allegations of involvement in a $12 million money laundering scheme.
According to Naija News, the Economic and Financial Crimes Commission (EFCC) charged both the Managing Director and the Executive Director of SunTrust Bank with six counts linked to money laundering activities.
One of the major accusations is that on March 10, 2025, the executives allegedly helped Femi Gbamgboye process a $3 million cash transaction to Suleiman Muhammed Chiroma and his associates without going through any financial institution, which is against the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges also claim that just days later, on March 13, 2025, the two bank executives planned another $3 million cash payment to Mukhtar Miko, again avoiding standard banking channels. Both defendants pleaded not guilty to all the charges when they appeared in court.
Lead prosecutor, Rotimi Oyedepo, SAN, pushed for the trial to begin quickly and questioned the validity of the defendants’ earlier bail applications, saying, “The defendants sought bail from the comfort of their homes or offices without any action taken against them.”
Justice Nwite granted each defendant bail set at ₦100 million, requiring one surety each with verifiable property in Abuja. The trial is set to continue on July 17 and 18.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
