The {Economic} and {Financial} Crimes Fee (EFCC) has revealed startling particulars of how Halima Buba, the managing director of SunTrust {Bank} Nigeria Restricted, and director – Harmless Mbagwu laundered $12 million by way of a fancy net {of financial} transactions designed to hide the origin of the funds.
The {bank} executives have been on Friday docked earlier than Justice Emeka Nwite of the Federal Excessive Court docket, Abuja for the alleged crime.
The defendants are being prosecuted on a six-count cost bordering on cash laundering to the tune of $12 million (Twelve Million {Dollars}).
Through the court docket proceedings, the prosecution knowledgeable the court docket that the defendants acted in live performance to take advantage of their positions throughout the {bank} to facilitate unauthorized fund transfers, bypassing inner controls and regulatory checks.
The EFCC maintains that the {financial} maneuvers weren’t solely fraudulent but additionally indicative of systemic abuse of company authority throughout the {bank}’s management.
Rely two of the cost reads: “That you just, 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 throughout the jurisdiction of the Honourable Court docket aided Femi Gbamgboye to make a money fee 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.”