Alleged $12 Million Money Laundering Charge: Absence of SunTrust Bank MD, Halima Buba Stalls Arraignment

SunTrust bank office

By JUMOKE SANNI

The scheduled arraignment of Halima Buba, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and Innocent Mbagwu, the bank’s Executive Director/Chief Compliance Officer, was on Tuesday, May 27, 2025, stalled due to the absence of the defendants in court.

The case, brought before Justice Emeka Nwite of the Federal High Court, Abuja, involves allegations of a $12 million fraud levelled against the two top executives by the Economic and Financial Crimes Commission, EFCC. The EFCC is prosecuting Buba and Mbagwu for alleged conspiracy and aiding cash payments to different persons involving millions of dollars beyond the prescribed threshold without passing through a financial institution contrary to Section 21(a), 2(1), and 9(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 19(2)(b) of the same Act.

At the resumed hearing, prosecution counsel Ekele Iheanacho, SAN, informed the court that the matter was slated for arraignment, but the defendants were not in court as the prosecution has been unable to effect service of the charges on them.

“My lord, the prosecution has not been able to serve the defendants. Ironically, they are apparently aware of today’s proceedings as their legal representatives are in court. My learned brother silk friend informed me earlier that they are willing to receive the service on behalf of their clients. We do not oppose this but we wish to comply with Section 382(5) of the Administration of Criminal Justice Act (ACJA), which requires us to bring an application for substituted service by way of an ex parte application. This can be taken before the next adjourned date, and both parties have agreed that the arraignment can be rescheduled for June 4, 2025,” he said.

He further requested an adjournment, stating, “Subject to the court’s convenience, we are seeking June 4 for arraignment.”

Responding, counsel to the defendants, J.J. Usman, SAN, told the court that his clients were not properly served and only learned of the arraignment via social media.