Alleged $12m Fraud: Court Remands SunTrust Bank CEO Halima Buba

By Modupe Gbadeyanka

Justice Emeka Nwite of the Federal High Court, Abuja, has ordered the remand of the chief executive of SunTrust Bank Limited, Ms Halima Buba, and the Chief Compliance Officer of the bank, Mr Innocent Mbagwu, in correctional facility pending the fulfilment of their bail conditions.

Ms Buba and Mr Mbagwu were brought before Justice Nwite on Friday, June 13, 2025, by the Economic and Financial Crimes Commission (EFCC) on a six-count charge bordering on an alleged fraud to the tune of $12 million.

Before the matter was adjourned till July 17 and 18, 2025, for continuation of trial, the judge granted the accused persons bail in the sum of N100 million each as well as one surety each, in like sum.

The sureties, he held, must have landed properties in Abuja of which the particulars of the properties would be deposited with the court. They 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, Justice Nwite ruled.

At the hearing today, Ms Buba and Mr Mbagwu pleaded not guilty to all the charges when they read to them, following which the lead prosecution counsel, Mr Rotimi Oyedepo (SAN) announced the readiness of the prosecution to proceed with the trial and prayed for accelerated hearing of the case.

But, the defence counsel, Mr J.J. Usman (SAN) on his part, reminded the court of subsisting bail applications of the defendants, dated May 27, 2025 and prayed that the court should uphold the applications and admit the defendants to bail.

One of the count read, “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 court aided Femi Gbamgboye to make a cash payment of the sum of $3 million 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.”