The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba and Innocent Mbagwu before Justice Emeka Nwite at the Federal High Court in Abuja for alleged fraudulent activities.
This was disclosed via a release on its official X handle on Friday, June 13, 2025.
According to the release, Halima Buba is the Managing Director and Chief Executive Officer of SunTrust Bank Limited, while Innocent Mbagwu serves as the Executive Director and Chief Compliance Officer of the same bank.
Both are facing six serious charges related to money laundering, with the total amount allegedly involved being $12 million.
One of the key accusations is that on March 10, 2025, in Abuja, Halima Buba and Innocent Mbagwu helped someone named Femi Gbamgboye illegally make a cash payment of $3 million to Suleiman Muhammed Chiroma and his associates without using a bank in violates the Money Laundering (Prevention and Prohibition) Act, 2022.
Another charge states that on March 13, 2025, in Lagos, they supposedly worked together to make another cash payment of $3 million to Mukhtar Miko, who is connected to Suleiman Muhammed Chiroma, also without going through a financial institution, which is against the law.
When the charges were read to the two defendants, they pleaded not guilty.
The lead prosecutor, Rotimi Oyedepo, announced that they were ready to start the trial and asked the court to handle the case quickly.
The defense lawyer, J.J. Usman, reminded the court about a bail application submitted on May 27, 2025, and asked for the defendants to be granted bail.
In response, the prosecutor argued that the bail application was not valid because the defendants were not in custody or under arrest at that time.
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He suggested the defendants submit new bail applications in court.
Despite the prosecutor’s objections, Justice Nwite allowed the defendants to be released on bail, setting the amount at N100 million each.
They must also provide a reliable person with property in Abuja as a surety.
The court stipulated that the sureties must deposit their passports and two recent photos with the court, and all their documents must be verified before approval.
The judge ordered that Halima Buba and Innocent Mbagwu be held in a correctional facility until they meet these bail conditions.
The case has been postponed until July 17 and 18 for further proceedings.
