The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, Managing Director of SunTrust Bank, and Innocent Mbagwu, Executive Director, before a Federal High Court in Abuja over an alleged $12 million money laundering scheme. The bank executives pleaded not guilty to six counts of facilitating illegal cash transactions outside financial channels.
- $3m cash payment to Suleiman Chiroma (March 10)
- $3m cash payment to Mukhtar Miko (March 13)
- Multiple violations of the Money Laundering Act, 2022
- Bail granted at N100m each with stringent conditions
- Defendants remanded pending bail fulfillment
- Trial adjourned to July 17-18 for accelerated hearing
EFCC prosecutor Rotimi Oyedepo opposed the bail application, noting the defendants weren't in custody when filing the motion. Defense counsel J.J. Usman secured bail with a property-backed sureties requirement.
Case tests Nigeria's anti-money laundering enforcement amid growing scrutiny of financial sector compliance.
