Nigeria’s Economic and Financial Crimes Commission, on Friday, arraigned the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, and the Executive Director/Chief Compliance Officer, Innocent Mbagwu, before Justice Emeka Nwite of the Federal High Court, Abuja.
They are both standing trial on a six-count charge bordering on money laundering to the tune of $12 million (Twelve Million Dollars).
EFCC, in a statement on its official X account, said the alleged offences involve facilitating large cash transactions outside regulated financial institutions in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022.
Both defendants pleaded not guilty to all six charges when they were read to them. Following the plea, lead prosecution counsel, Rotimi Oyedepo, SAN, stated:
“The prosecution is ready to proceed with the trial,” and prayed the court for an accelerated hearing of the case.
On the other hand, defence counsel, J.J. Usman, SAN, urged the court to grant the bail applications already before the court.
“The defence counsel, J.J. Usman, SAN, on his part, reminded the court of subsisting bail applications of the defendants, dated May 27, 2025 and prayed that the court should uphold the applications and admit the defendants to bail.”
Opposing, Oyedepo urged the court to refuse the bail applications.
Justice Nwite, however, admitted the defendants to bail in the sum of N100 million (One Hundred Million Naira), each as well as one surety each, in like sum.”
Justice Nwite ruled: “The sureties must have landed properties in Abuja, of which the particulars of the properties would be deposited with the court.
“The sureties are also to deposit their passports and two recent passport photographs with the court.
“In addition, all the documents the sureties provided, including their residences, must be verified by the court before approval.
“The defendants should be remanded in a correctional facility pending the fulfilment of their bail conditions and adjourned the matter till July 17 and 18 for continuation of trial.”