ABUJA: The Economic and Financial Crimes Commission(EFCC) brought charges on Friday, June 13, 2025, against Halima Buba and Innocent Mbagwu at the Federal High Court in Abuja. They are accused of being part of a fraud case worth $12 million.
The EFCC shared the news through its Facebook page. It said Halima Buba is the Managing Director and CEO of SunTrust Bank Ltd, while Innocent Mbagwu is the Executive Director and Chief Compliance Officer at the same bank.
They are facing a six-count charge related to money laundering.
One of the charges says:
On March 10, 2025, in Abuja, Halima Buba and Innocent Mbagwu helped Femi Gbamgboye make a $3 million cash payment to Suleiman Muhammed Chiroma and others.
This was done without using a bank, which is against the law. This breaks Sections 2, 19 of the Money Laundering Act of 2022 and comes with punishment.
Another charge says, On March 13, 2025, in Lagos, Buba and Mbagwu planned to give another $3 million in cash to Mukhtar Miko, who works with Chiroma.
Again, this was done without a bank, which is illegal under the same law.
Both accused persons said they are not guilty when the court read the charges. After that, prosecutor Rotimi Oyedepo (SAN) said the EFCC is ready to start the trial quickly. He asked the court for a speedy hearing.
The defence lawyer, J.J. Usman (SAN), told the court that bail requests were already submitted on May 27, 2025. He asked the court to grant bail.
But the EFCC lawyer said the bail request was not valid. He said the two accused were not arrested, detained, or in court at the time the request was made.
According to the Administration of Criminal Justice Act (ACJA), bail should only be requested when someone is in custody or under arrest.
He said the accused filed for bail from their homes, which is not allowed. He asked the court to ignore the bail request and said they should file new requests in court.
The defence disagreed with this view, but the judge, Justice Emeka Nwite, decided to grant bail.
Each person must pay ₦100 million and must have one surety who can also pay ₦100 million. The sureties must have landed property in Abuja.
The court must check and confirm the ownership of the property. The sureties must also give their passports and two photos to the court.
The judge said the accused must go to a correctional facility until they meet their bail conditions. He then set the next court dates for July 17 and 18, 2025.
