EFCC arraigns Sun Trust Bank MD, ED for alleged $12m fraud

The New Diplomat
Writer

Ad

Surprise as Tinubu Overturns NTA shake-up, reinstates Abdullah Dembos, Ayo Adewuyi

By Obinna Uballa President Bola Tinubu has reversed recent leadership changes at the Nigerian Television Authority (NTA), ordering the reinstatement of Director-General Salihu Abdullahi Dembos and Executive Director of News Ayo Adewuyi, triggering surprises in the Broadcast industry. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed the directive in a…

Chatham House Rebuts Tinubu, Says Corruption Still Crippling Nigeria’s Growth

By Obinna Uballa United Kingdom based policy institute, Chatham House, has countered President Bola Tinubu’s recent claim that his administration has eradicated corruption in Nigeria, asserting that the vice remains deeply entrenched and continues to undermine the country’s economic growth and governance structures. In a new report authored by Dr. Leena Hoffmann, Associate Fellow of…

Ranked: Top Sources of Billionaire Wealth by Industry

Key Takeaways Forbes found finance and investments leads the top sources of billionaire wealth (464 billionaires) in 2025. Technology is the second-most common sector for billionaires (401), adding 59 new names since 2024. The world’s ultra-rich aren’t evenly spread across either the globe or the economy. Instead, their fortunes tend to cluster in a handful of high-growth, high-margin industries. This…

Ad

The Economic and Financial Crimes Commission (EFCC) on Friday, June 13, 2025, arraigned two senior executives of SunTrust Bank—Halima Buba, Managing Director and Chief Executive Officer, and Innocent Mbagwu, Executive Director and Chief Compliance Officer—on charges of money laundering totaling $12 million.

The arraignment took place before Justice Emeka Nwite of the Federal High Court in Abuja. The defendants face a six-count charge bordering on illegal cash transactions and conspiracy, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

According to the EFCC, Buba and Mbagwu allegedly facilitated the illegal transfer of $3 million in cash on March 10, 2025, in Abuja, to Suleiman Muhammed Chiroma and his associates.

This was contained in a press statement signed by Dele Oyewale, Head, Media and Publicity, EFCC.

The statement revealed that another $3 million transaction allegedly took place on March 13 in Lagos, directed to Mukhtar Miko, also linked to Chiroma—both transactions reportedly bypassed financial institutions, which is prohibited under Nigerian law.

The two bank executives pleaded not guilty to all charges.

EFCC lead prosecutor, Rotimi Oyedepo, SAN, expressed readiness to commence trial immediately and asked the court for an accelerated hearing. Defense counsel, J.J.

Usman, SAN, urged the court to grant bail based on a previous application filed on May 27.

However, the prosecution objected, calling the application “incompetent” since it was filed while the defendants were neither under arrest nor before the court.

Justice Nwite overruled the objection and granted each defendant bail in the sum of ₦100 million, with one surety each in like sum.

The sureties must own landed property in Abuja, submit all relevant documents to the court, and provide two passport photographs and their international passports.

The court will verify all submitted documents and addresses.

The judge ordered that both defendants be remanded in a correctional facility until their bail conditions are met and adjourned the case to July 17 and 18, 2025, for trial continuation.

Credit: the Conclave

Ad

X whatsapp