JUST IN : Court orders remand of SunTrust Bank’s MD, Executive Director in prison until….

A Federal High Court sitting in Abuja on Friday ordered the remand of Halima Buba, Managing Director and Chief Executive Officer of SunTrust Bank Limited, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, in a correctional facility until the fulfillment of their bail conditions.

The two senior executives were arraigned before Justice Emeka Nwite by the Economic and Financial Crimes Commission (EFCC) on a six-count charge bordering on alleged money laundering to the tune of $12 million.

According to a statement from the anti-graft agency, the charges stem from transactions said to have involved large cash payments outside of the banking system.

Count two of the charge reads: “That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd 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 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.”

Count three states: “That you, HALIMA BUBA, the Managing Director/ChiefExecutive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd 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 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.”

Both defendants pleaded not guilty to all charges when they were read to them in court. Following their plea, lead prosecution counsel Rotimi Oyedepo, SAN, expressed readiness to proceed with trial and requested an accelerated hearing.

Defence counsel J.J. Usman, SAN, in response, urged the court to grant bail, citing a bail application filed on May 27, 2025.

However, Oyedepo argued that the application was procedurally defective since it was filed before the defendants were arrested or appeared in court, contrary to provisions of the Administration of Criminal Justice Act (ACJA). He urged the court to disregard the application and requested fresh bail submissions.

After considering arguments from both sides, Justice Nwite granted the defendants bail in the sum of N100 million each, with one surety in like sum.
“The sureties,” the judge ruled, “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.”

He further ordered that both Buba and Mbagwu be remanded in custody until the bail conditions are met.

The matter was adjourned to July 17 and 18 for continuation of trial.