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.

This ruling, delivered by Justice Emeka Nwite on Wednesday, was primarily based on health issues that were supported by the EFCC itself.

Tigran Gambaryan of Binance, who had been in detention since April 2024, faced allegations relating to money laundering tied to cryptocurrency transactions.

His legal representatives presented evidence that his health had severely deteriorated during his time in custody, requiring immediate medical attention that was unavailable in the correctional facility.

Initially, the EFCC opposed Gambaryan’s bail application, claiming that his health issues were exaggerated. However, new medical reports submitted during the hearings revealed that his condition was indeed critical and could not be properly managed while incarcerated.

The court was later informed that Gambaryan’s health had deteriorated further, to the extent that he now required a wheelchair for mobility. Despite the efforts of the Nigerian Correctional Service, his condition could not be effectively managed within the facility, and it was revealed that he would need surgery, with a lengthy recovery period that could delay the trial process.

In light of this, the EFCC acknowledged that Gambaryan’s limited role at Binance had little bearing on the investigation and, after reviewing the case in consultation with the federal government, it was decided that continuing the charges against him would serve little purpose. 

Diplomatic considerations, including ongoing engagements between Nigeria and the U.S., also played a part in the decision to drop the charges.

During the hearing, EFCC counsel Ekele Iheanacho SAN requested that the court discharge Gambaryan, which Gambaryan’s lawyer, Mark Mordi SAN, did not oppose. Mordi, however, urged the court to consider issuing a full acquittal in light of the prosecution’s admission of his client’s limited involvement.

In his ruling, Justice Nwite noted the importance of ensuring Gambaryan receives proper medical care, stating that the medical documentation presented showed an urgent need for specialized treatment. 

He subsequently struck out the money laundering charge, ordering that Gambaryan be immediately released from the custody of the Nigerian Correctional Service, Kuje.

The court also adjourned the trial of Binance itself to November 22, 2024, for continuation of proceedings, bringing an end of Gambaryan’s personal charges after months of detention.