The EFCC is accusing the top bank executives of conspiracy and illegal cash payments amounting to millions of U.S. dollars
$12M Money Laundering Case: Court Sets June 4 Arraignment for SunTrust Bank MD, Compliance Chief
Abuja, Nigeria — The Federal High Court in Abuja has scheduled June 4, 2025, for the arraignment of Halima Buba, Managing Director/CEO of SunTrust Bank Ltd, and Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, over an alleged $12 million money laundering scheme.
Justice Emeka Nwite fixed the new date on Tuesday following legal wrangling between the Economic and Financial Crimes Commission (EFCC) and the defense counsel regarding the proper service of the charges.
The EFCC is accusing the top bank executives of conspiracy and illegal cash payments amounting to millions of U.S. dollars—allegedly made outside of any financial institution, violating Nigeria’s anti-money laundering laws. The charge specifically references a $2 million cash payment to one Sani S. Ali Fagge, an associate of Suleiman Muhammed Chiroma, on March 20, 2025, without using a financial institution—an act deemed illegal under Sections 21(a), 2(1), and 9(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the resumed hearing, EFCC counsel Iheanacho, SAN, informed the court that the Commission had been unable to serve the defendants but acknowledged that their legal representatives were present and had expressed willingness to accept service.
“My lord, the prosecution has not been able to serve the defendants. Ironically, their lawyers are in court and have offered to accept the charges, but I must first seek the court’s approval through an ex parte motion for substituted service,” Iheanacho explained, citing Section 382(5) of the Administration of Criminal Justice Act (ACJA).
Defense counsel J.J. Usman, SAN, countered that there was no need for such formality since his team was ready to receive the charges in open court.
“Our clients read about the case online and instructed us to appear. We offered to accept service in court, but the EFCC declined. It raises questions about their intent,” Usman said, also urging the court to restrict any potential arrest or media parade of the defendants pending arraignment.
Iheanacho dismissed the defense’s concerns as “speculative,” maintaining that EFCC operatives retain the constitutional right to arrest suspects when necessary.
Justice Nwite, in a brief ruling, stated there was nothing unusual in allowing the defense lawyers to accept service in court and directed the EFCC to file the appropriate application for substituted service by Thursday, May 29, 2025.
The court will proceed with the arraignment of the defendants on June 4, 2025. Read More
