The Economic and Financial Crimes Commission has arraigned the Managing Director and Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, and the Executive Director and Chief Compliance Officer, Innocent Mbagwu, before the Federal High Court in Abuja. They face a six-count charge bordering on money laundering involving $12,000,000. The charges stem from allegedly facilitating large cash transactions outside regulated financial institutions, contravening the Money Laundering (Prevention and Prohibition) Act, 2022.
The defendants pleaded not guilty to all six charges. The prosecution, led by Rotimi Oyedepo, SAN, expressed readiness to proceed with the trial, while the defence counsel, J.J. Usman, SAN, urged the court to uphold existing bail applications.
The court admitted the defendants to bail in the sum of N100 million each, with one surety each in like sum, and imposed conditions including landed properties in Abuja and deposit of passports and photographs. The court ordered their remand in a correctional facility pending fulfilment of bail conditions and adjourned the matter till July 17 and 18 for continuation of trial.
