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 Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
