Why EFCC Arraigned Two Bank Executives

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The Economic and Financial Crimes Commission (EFCC) on Friday arraigned Halima Buba, Managing Director/CEO of SunTrust Bank Ltd, and Innocent Mbagwu, the bank’s Executive Director/Chief Compliance Officer, before Justice Emeka Nwite of the Federal High Court in Abuja. The duo faces a six-count charge bordering on money laundering involving $12 million.

Count two alleges that on March 10, 2025, in Abuja, Buba and Mbagwu aided Femi Gbamgboye in making a cash payment of $3 million to Suleiman Muhammed Chiroma and associates without going through a financial institution, violating the Money Laundering (Prevention and Prohibition) Act, 2022.

Count three accuses them of conspiring on March 13, 2025, in Lagos, to facilitate another illegal cash payment of $3 million to Mukhtar Miko, an associate of Chiroma, bypassing financial channels.

Both defendants pleaded not guilty to all charges. Prosecution counsel Rotimi Oyedepo, SAN, requested an accelerated trial, while defence lawyer J.J. Usman, SAN, sought bail for the accused.

Oyedepo opposed the defence’s pre-emptive bail application filed on May 27, arguing that it was premature since the defendants were neither arrested nor detained before arraignment. However, Justice Nwite granted them bail at N100 million each, with one surety per defendant.

– The sureties must own landed property in Abuja, with verified documents submitted to the court.
– They must surrender their passports and provide two recent passport photographs.
– All submitted documents, including proof of residence, will undergo court verification.

Pending bail fulfillment, the defendants were remanded in a correctional facility. The case was adjourned to July 17 and 18 for further proceedings.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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