Court Remands Bank Executives In Prison Over $12m Fraud

Legit.ng journalist Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues

FCT, Abuja - The Economic and Financial Crimes Commission (EFCC) has arraigned two executives of SunTrust Bank Ltd at the Federal High Court, Abuja for alleged fraud.

Halima Buba, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and Innocent Mbagwu, Executive Director/Chief Compliance Officer of SunTrust Bank Ltd, were arraigned before Justice Emeka Nwite on Friday, June 13, 2025.

The bank executives are being prosecuted on a six-count charge, bordering on money laundering to the tune of $12 million (Twelve Million Dollars).

The judge ordered that they should be remanded in the correctional facility pending the fulfillment of their bail conditions.

The ant-graft agency made this known in a statement shared via its X handle @officialEFCC on Friday, June 13, 2025.

“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.”

“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.”

The defendants pleaded “not guilty” to all the charges when they read to them,

The defence counsel, J.J. Usman, SAN, 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, said the bail application of the defendants was incompetent, given that the defendants were neither under arrest, nor in detention, nor have appeared before the court.

Justice Nwite, however, admitted the defendants to bail in the sum of N100 million (One Hundred Million Naira), 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.

The court adjourned the matter till July 17 and 18 for continuation of that.

Man gets 74 years sentence in fraud case

Recall that the EFCC secured justice in a fraud case, proving that there are consequences to financial crimes in Nigeria.

A court sitting in Lagos pronounced judgment and heavy sentences after convicting a young man of fraud.

The judge, however, issued another order to the convict on the matter, putting it as a condition to consider fines in any of the sentences.

Source: Legit.ng