Buba, the bank’s Managing Director/CEO, and Mbagwu, the Executive Director/Chief Compliance Officer, were brought before Justice Emeka Nwite of the Federal High Court, Abuja, on Friday, June 13, 2025.
The EFCC confirmed the arraignment in a statement on its official X handle, noting that the case involves a six-count charge bordering on money laundering.
One of the charges reads: “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 Honourable Court aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution…”
Another count states: “That you, HALIMA BUBA… and INNOCENT MBAGWU… on the 13th day of March, 2025 in Lagos… conspired amongst yourselves to make a cash payment of… Three Million United States Dollars ($3,000,000) to Mukhtar Miko, an associate of Suleiman Muhammed Chiroma without going through a financial institution…”
