EFCC Arraigns SunTrust Bank MD Halima Buba Over Alleged $12 Million Money Laundering
The Economic and Financial Crimes Commission (EFCC) has brought serious allegations against Halima Buba, the Managing Director and Chief Executive Officer of SunTrust Bank Ltd, over a case involving money laundering to the tune of $12 million.
On Friday, Buba was arraigned before Justice Emeka Nwite at the Federal High Court in Abuja, alongside Innocent Mbagwu, who is the Executive Director and Chief Compliance Officer of the same bank. Both individuals were named in a six-count charge filed by the EFCC, with accusations pointing to multiple violations of Nigeria’s anti-money laundering laws.
From details obtained, it was revealed that Buba and Mbagwu allegedly helped move large sums of cash outside the official financial system. For instance, one of the charges alleges that on March 10, 2025, they assisted Femi Gbamgboye in paying out $3 million in cash to Suleiman Muhammed Chiroma and others in Abuja without going through any financial institution. A separate charge also claims they conspired to carry out a similar $3 million cash transaction in Lagos on March 13, 2025, again avoiding the necessary financial processes.
When asked to respond to the charges, both defendants pleaded not guilty.
The EFCC, through its lead prosecutor Rotimi Oyedepo, announced readiness to proceed with the trial, requesting that the court allow for an accelerated hearing of the matter.
However, defence counsel J.J. Usman (SAN) filed a bail application on behalf of the accused persons, citing a motion dated May 27. In opposition, Oyedepo argued that the bail motion was filed before the defendants were in EFCC custody, insisting that fresh bail requests should be submitted now that the defendants had been formally charged and remanded.
After reviewing arguments from both sides, Justice Emeka Nwite granted bail to Halima Buba and Innocent Mbagwu in the sum of ₦100 million each, with one surety apiece who must also present:
- A landed property located in Abuja
- Title documents submitted to the court
- Two recent passport photographs
- And their international passport
Meanwhile, the court ordered that both defendants be remanded in a correctional facility until all bail conditions are fully met. The trial has been adjourned to July 17 and 18 for hearing.
