• About
  • Advertise
  • Careers
  • Contact Us
Saturday, July 5, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

EFCC: Court Orders Remand of SunTrust Bank Chiefs Over Alleged $12m Laundering Charges

by Staff Writer
June 14, 2025
in Finance
0
SunTrust Bank Limited | EFCC
Halima Buba and Innocent Mbagwu, managing director/chief executive officer and executive director/chief compliance officer of SunTrust Bank Limited

Halima Buba and Innocent Mbagwu, managing director/chief executive officer and executive director/chief compliance officer of SunTrust Bank Limited

UBA
Advertisements

Justice Emeka Nwite, Friday, ordered that Halima Buba and Innocent Mbagwu, managing director/chief executive officer and executive director/chief compliance officer of SunTrust Bank Limited, respectively should be remanded in a correctional facility over the alleged laundering of $12 million. 

The bank chiefs were arraigned on Friday by the Economic and Financial Crimes Commission (EFCC) before Justice Emeka Nwite of the Federal High Court in the Federal Capital Territory, Abuja for alleged fraud.

Count two of the charge 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 and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”

Count three reads:

“That you, HALIMA BUBA, the Managing Director/ChiefExecutive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2( 1 ), 19(1 )( d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”

They pleaded “not guilty” to all the charges when they read to them, following which the lead prosecution counsel, 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 prosecution counsel in his response described the May 27, 2025 bail application of the defendants as incompetent.

Oyedepo said this was given that the defendants were neither under arrest nor in detention.

He said they have equally not appeared before the court.

He said all these were the grounds provided by the Administration of Criminal Justice Act to precipitate a bail application.

He said they rather applied for bail from the comfort of their homes or offices when no action had been taken against them.

He therefore prayed the court to discountenance the said bail application and urged the defendants to make fresh bail applications in court.

While the position of the prosecution met opposition from the defence, Justice Nwite, however, admitted the defendants to bail in the sum of N100 million each as well as one surety each in like sum.

The sureties he held must have landed properties in Abuja, of which the particulars of the properties would be deposited with 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.

Nwite ordered that they should be remanded in a correctional facility pending the fulfilment of their bail conditions and adjourned the matter till July 17 and 18 for continuation of trial.

Loading

Advertisements
MTN ADS

0Shares
Tags: Halima BubaInnocent MbagwuJustice Emeka NwiteJustice NwiteSunTrust Bank Limited
Staff Writer

Staff Writer

Next Post
Hot money in Nigeria - Naira | official market

Naira Falls in Official Market, Closes at N1,549/$1

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

fuel scarcity in Nigeria

Fuel Scarcity Worsens despite NNPC’s Promises

1 year ago
IOE, Seedstars Launch Fourth Migration Challenge

IOE, Seedstars Launch Fourth Migration Challenge

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.