Two bank executives have been arraigned before Justice Emeka Nwite of the Federal High Court, Abuja for alleged fraud.
The Economic and Financial Crimes Commission (EFCC) in a statement through its spokesman, Dele Oyewale, disclosed that it arraigned the the defendants, Halima Buba and Innocent Mbagwu, Managing Director/Chief Executive Officer of SunTrust Bank Ltd and Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, on Friday, June 13, 2025 on a six-count charge, bordering on money laundering to the tune of $12,000,000 (Twelve Million Dollars).
According to one of the counts read, the defendants on 10th March 2025, aided one Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.
The duo was also charged for
conspiring between them on 13th March 2025, to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to one Mukhtar Miko, an associate of Suleiman Muhammed Chiroma, without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2( 1 ), 19(1 )( d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
The defendants pleaded “not guilty” to all the charges when read to them, following which the lead prosecution counsel, Rotimi Oyedepo, SAN announced the readiness of the prosecution to proceed with the trial and prayed for accelerated hearing of the case.
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.
The prosecution counsel in his response, described the May 27, 2025 bail application of the defendants as incompetent, given that the defendants were neither under arrest, nor in detention, nor have appeared before the court, being the grounds provided by the Administration of Criminal Justice Act, ACJA that should precipitate a bail application, but rather applied for bail from the comfort of their homes or offices when no action has been taken against them.
He therefore prayed the court to discountenance the said bail application and urged the defendants to make fresh bail applications in court.
While the position of the prosecution met opposition from the defence, Justice Nwite, however, admitted the defendants to bail in the sum of N100million (One Hundred Million Naira), each as well as one surety each, in like sum.
The sureties, he held, 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.
Having ordered that the defendants be remanded in a correctional facility pending the fulfilment of their bail conditions, Justice Nwite adjourned the matter till July 17 and 18 for continuation of trial.
