Halima Buba: EFCC arraigns SunTrust Bank executives over alleged $12m fraud
Halima Buba and other executives of SunTrust Bank arraigned by the EFCC.
The Economic and Financial Crimes Commission (EFCC) on Monday, 10 June 2024, arraigned Halima Buba, the Managing Director and Chief Executive Officer of SunTrust Bank, alongside Innocent Mbagwu, the Executive Director and Chief Compliance Officer of the bank. Both appeared before Justice Emeka Nwite at the Federal High Court in Abuja over allegations bordering on money laundering involving a staggering $12 million.
According to the anti-graft agency, the two bank executives were said to have conspired and carried out cash transactions totalling $12 million without going through financial institutions, in direct violation of sections 21(a), 18(a), and 1(a) of the Money Laundering (Prevention and Prohibition) Act, 2022. The EFCC maintains that their actions pose a significant threat to the financial system and reflect the rising concerns over internal complicity in high-value financial crimes within the banking sector.
When the charges were read in court, both Buba and Mbagwu pleaded not guilty. Prosecution counsel, Ekele Iheanacho, SAN, requested that the court fix a date for trial and remand the defendants in correctional custody. In response, defence counsel, J.J. Usman, SAN, moved an oral application for bail, pointing out that the defendants had earlier been granted administrative bail and had faithfully honoured EFCC invitations throughout the investigation period.
Justice Emeka Nwite ruled in favour of the bail application, granting each of the defendants bail in the sum of ₦300 million with two sureties in like sum. The sureties must own landed property within the Federal Capital Territory and provide evidence of tax clearance. The judge further directed that the defendants be remanded in prison custody until they meet the bail conditions.
The court subsequently adjourned the matter until 9 July 2024 for the commencement of trial. The EFCC has reiterated its commitment to ensuring that financial crimes, especially those involving top executives in Nigeria’s financial institutions, are prosecuted to the fullest extent of the law. The case marks another test of the country’s resolve to address corporate fraud and reinforce regulatory compliance in the banking industry.
