Banking
Alleged $12m Fraud: Court Adjourns Arraignment of SunTrust Bank CEO to June 4
By Modupe Gbadeyanka
The arraignment of the chief executive of SunTrust Bank Limited, Ms Halima Buba, has been adjourned to Wednesday, June 4, 2025, by Justice Emeka Nwite of the Federal High Court, Abuja.
Her arraignment on Tuesday, May 27 by the Economic and Financial Crimes Commission (EFCC) was stalled due to her absence.
The EFCC accused the banker and the bank’s Executive Director and Chief Compliance Officer, Mr Innocent Mbagwu, of aiding cash payments to different persons involving about $12 million.
The agency said this amount of money was beyond the prescribed threshold without passing through a financial institution contrary to Section 21(a), 2(1), and 9(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.
At the resumed hearing, the prosecution counsel, Mr Ekele Iheanacho (SAN), informed the court that the matter was slated for arraignment, but the defendants were not in court as the prosecution has been unable to effect service of the charges on them.
“My lord, the prosecution has not been able to serve the defendants. Ironically, they are apparently aware of today’s proceedings as their legal representatives are in court.
“My learned brother silk friend informed me earlier that they are willing to receive the service on behalf of their clients. We do not oppose this but we wish to comply with Section 382(5) of the Administration of Criminal Justice Act (ACJA), which requires us to bring an application for substituted service by way of an ex parte application. This can be taken before the next adjourned date, and both parties have agreed that the arraignment can be rescheduled for June 4, 2025,” he said, stating, “Subject to the court’s convenience, we are seeking June 4 for arraignment.”
Responding, counsel to the defendants, Mr J.J. Usman (SAN), told the court that his clients were not properly served and only learned of the arraignment via social media.
“Our clients instructed us to appear in court because they read about the case on social media. They have not been served. We approached the learned silk for the prosecution and undertook to accept service on behalf of our clients.
“We asked him to serve us, but he refused. My lord has made several orders in similar matters allowing service through legal representatives. We are here and are pleading with the court to direct that service be effected on us. We are ready to appear with our clients on the next adjourned date,” he said.
He expressed concern that if the court did not direct service on counsel, the prosecution might resort to arresting and parading the defendants in the media.
In his rebuttal, Mr Iheanacho argued that such fears were speculative, saying, “My lord, the court cannot make that order now until a formal application is brought. The fear expressed by the defence is speculative.
“The court does not dwell on speculation. We do not want to create a landmine where the issue of service could later become a basis to challenge the jurisdiction of this court. It is better to make haste slowly, as over-speeding kills. Until the court grants substituted service, the prosecution reserves the right to arrest the defendants if found,” he said.
After listening to arguments from both sides, Justice Nwite adjourned the matter till June 4, 2025, for arraignment, directing the prosecution to file and bring its application for substituted service on counsel to the defendants on or before Thursday, May 29, 2025.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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