Halima Buba, Managing Director of SunTrust Bank Nigeria Restricted, has been remanded in Kuje Correctional Facility, FCT, Abuja following her arraignment over an alleged $12 million cash laundering scheme.
Buba, alongside Harmless Mbagwu, the {bank}’s Govt Director and Chief Compliance Officer, had been docked earlier than Justice Emeka Nwite of the Federal Excessive Courtroom in Abuja on July 13, 2025, over a number of counts introduced by the {Economic} and {Financial} Crimes Fee (EFCC).
The costs stem from an elaborate {financial} fraud allegedly linked to controversial businesswoman Aisha Achimugu, Chief Govt Officer of FELAK CONCEPT GROUP, who is claimed to be on the middle of the conspiracy.
Investigators allege that the illicit transactions had been routed by way of SunTrust Bank in clear violation of Nigeria’s anti-money laundering legal guidelines—elevating troubling questions on regulatory lapses, inner complicity, and company governance failures on the establishment.
Based on the EFCC, the duo facilitated a number of transactions designed to bypass normal {financial} protocols.
Justice Nwite ordered the remand of Halima Buba, and Harmless Mbagwu, the {bank}’s Chief Compliance Officer, in custody pending the success of their bail situations.
The 2 pleaded not responsible to 6 fees.
The decide granted every of them ₦100 million bail with one surety who should personal property in Abuja. All paperwork and addresses have to be verified earlier than launch.
The case was adjourned to July 17 and 18, 2025, for continuation of trial.
One of many fees—Rely Two—particularly accuses the defendants of aiding a $3 million money cost with out passing by way of a {financial} establishment:
“That you simply, HALIMA BUBA, Managing Director/Chief Govt Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Govt Director /Chief Compliance Officer SunTrust Bank Ltd on the tenth day of March, 2025 in Abuja inside the jurisdiction of the Honourable Courtroom aided Femi Gbamgboye to make a money cost of the sum of Three Million United States {Dollars} ($3,000,000) to Suleiman Muhammed Chiroma and associates with out going by way of a {financial} establishment and thereby dedicated an offence opposite to Part 2l(a), 2(1), 19(l)(d) of the Cash Laundering (Prevention and Prohibition) Act, 2022 and punishable beneath Part 19 (2) (b) of the identical Act.”
The EFCC has slammed a complete of six counts of cash laundering in opposition to Buba and Mbagwu.
