Innocent Mbagwu & Halima Buba
The managing director of Sun Trust Bank Limited, Halima Buba alongside the bank’s Executive Director/Chief Compliance Officer, Innocent Mbagwu, have been remanded at the Correctional center by Justice Emeka Nwite of a Federal High Court, Abuja, over alleged conspiracy and $12 million USD fraud.
Justice Nwite remand of the two bank executives was sequel to their not guilty plea to the charges slammed on them by the Economic and Financial Crimes Commission (EFCC).
Both Halima and Innocent were arraigned before the court on Friday, on a six-count charge of conspiracy and money laundering to the tune of $12 million USD.
Parts of the charges against them read: “that you, Halima Buba, Managing Director/Chief Executive Officer SunTrust Bank Limited, and Innocent Mbagwu being the Executive Director/Chief Compliance Officer SunTrust Bank Limit on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court aided 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 2(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.”
“That you, Halima Buba, the Managing Director/Chief Executive Officer of SunTrust Bank Ltd and Innocent Mbagwu, the Executive Director/Chief Compliance Officer of SunTrust Bank Limited on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 2(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.”
They pleaded “not guilty” to all the charges when they 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 his clients dated May 27, 2025 and prayed that the court should uphold the applications and admit the defendants to bail.
But the prosecutor in his response, submitted that the May 27, 2025 bail application of the defendants are 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 nor action has been taken against them.
Oyedepo (SAN) 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 N100 million each as well as one surety each, in like sum.
The judge held that the sureties must have landed properties in Abuja of which the particulars of the properties would be deposited with the court.
The sureties according to the judge are also to deposit their passports and two recent passport photographs with the court.
In addition, the judge also ordered that all the documents the sureties provided, including their residences must be verified by the court before approval.
The judge ordered that they should be remanded in correctional facility pending the fulfilment of their bail conditions and adjourned the matter till July 17 and 18 for continuation of trial.
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