The Economic and Financial Crimes Commission (EFCC) has arraigned Halima Buba, Managing Director and Chief Executive Officer of SunTrust Bank Limited, on allegations of money laundering amounting to $12 million.
Buba appeared before Justice Emeka Nwite at the Federal High Court in Abuja on Friday, alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer.
Both executives face a six-count charge related to the alleged illicit handling of millions of dollars in contravention of Nigeria’s anti-money laundering laws.
According to the EFCC, the accused facilitated large-scale cash movements without passing the transactions through any licensed financial institution, a direct violation of regulatory requirements designed to curb financial crimes.
One of the charges claims that on March 13, 2025, the duo conspired to make a $3 million cash payment in Lagos to one Mukhtar Miko, said to be an associate of a certain Chiroma, bypassing the formal banking system.
Both Buba and Mbagwu pleaded not guilty to all the charges.
The EFCC stated that the transactions under investigation were conducted “in a manner designed to conceal the origins and movement of the funds,” raising serious concerns about internal compliance at the bank.
The court has adjourned the matter for hearing while both defendants were granted bail under strict conditions.
