SunTrust Bank MD Halima Buba, ED Innocent Mbagwu in prison for alleged $12 million fraud
The managing director of SunTrust Bank, Halima Buba, and the executive director Innocent Mbagwu respectively have been remanded in prison custody for their alleged involvement in laundering $12 million.
According to the prosecuting Economic and Financial Crimes Commission, EFCC, Buba and Mbagwe aided one Femi Gbamgboye to make payments of $3 million dollars each to three persons without processing the same through a financial institution, consequently contravening the Money Laundering Act. One of the charges stated that the two bankers, on 10 March 2025, colluded with the said Gbamgboye to pay $3,000,000 to Suleiman Muhammed Chiroma and associates.
Moreover, the two bankers similarly aided Gbamboye to make another payment of $3,000,000 to one Mukhtar Miko. The EFCC identified Miko as an associate of Suleiman Muhammed Chiroma, who received the first payment. The total payout by Gbamgboye totalled $12 million, the EFCC said.
Buba and Mbagwe pleaded “not guilty” to all the charges.
Rotimi Oyedepo, SAN announced the readiness of the prosecution to proceed with the trial and prayed for accelerated hearing of the case. The defence counsel, 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.
The trial judge, Emeka Nwite, admitted the two defendants to a bail sum of N100 million each and are to produce one surety each, worth the bail sum too. In addition, the two sureties must have landed properties in Abuja and they must submit the particulars of the properties to the court.
“The sureties 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.
He (Justice Nwite) ordered that they should be remanded in correctional facility pending the fulfilment of their bail conditions and adjourned the matter till July 17 and 18 for continuation of trial,” the EFCC said in a statement on Friday.
