Halima Buba, Managing Director of SunTrust Bank Nigeria Limited, has been remanded in Kuje Correctional Facility, FCT, Abuja following her arraignment over an alleged $12 million money laundering scheme.
Buba, alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, were docked before Justice Emeka Nwite of the Federal High Court in Abuja on July 13, 2025, over multiple counts brought by the Economic and Financial Crimes Commission (EFCC).
The charges stem from an elaborate financial fraud allegedly linked to controversial businesswoman Aisha Achimugu, Chief Executive Officer of FELAK CONCEPT GROUP, who is said to be at the center of the conspiracy.
Investigators allege that the illicit transactions were routed through SunTrust Bank in clear violation of Nigeria’s anti-money laundering laws—raising troubling questions about regulatory lapses, internal complicity, and corporate governance failures at the institution.
According to the EFCC, the duo facilitated multiple transactions designed to circumvent standard financial protocols.
Justice Nwite ordered the remand of Halima Buba, and Innocent Mbagwu, the bank’s Chief Compliance Officer, in custody pending the fulfillment of their bail conditions.
The two pleaded not guilty to six charges.
The judge granted each of them ₦100 million bail with one surety who must own property in Abuja. All documents and addresses must be verified before release.
The case was adjourned to July 17 and 18, 2025, for continuation of trial.
One of the charges—Count Two—specifically accuses the defendants of aiding a $3 million cash payment without passing through a financial institution:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court 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.”
The EFCC has slammed a total of six counts of money laundering against Buba and Mbagwu.
Halima Buba, Managing Director of SunTrust Bank Nigeria Limited, has been remanded in Kuje Correctional Facility, FCT, Abuja following her arraignment over an alleged $12 million money laundering scheme.
Buba, alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, were docked before Justice Emeka Nwite of the Federal High Court in Abuja on July 13, 2025, over multiple counts brought by the Economic and Financial Crimes Commission (EFCC).
The charges stem from an elaborate financial fraud allegedly linked to controversial businesswoman Aisha Achimugu, Chief Executive Officer of FELAK CONCEPT GROUP, who is said to be at the center of the conspiracy.
Investigators allege that the illicit transactions were routed through SunTrust Bank in clear violation of Nigeria’s anti-money laundering laws—raising troubling questions about regulatory lapses, internal complicity, and corporate governance failures at the institution.
According to the EFCC, the duo facilitated multiple transactions designed to circumvent standard financial protocols.
Justice Nwite ordered the remand of Halima Buba, and Innocent Mbagwu, the bank’s Chief Compliance Officer, in custody pending the fulfillment of their bail conditions.
The two pleaded not guilty to six charges.
The judge granted each of them ₦100 million bail with one surety who must own property in Abuja. All documents and addresses must be verified before release.
The case was adjourned to July 17 and 18, 2025, for continuation of trial.
One of the charges—Count Two—specifically accuses the defendants of aiding a $3 million cash payment without passing through a financial institution:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court 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.”
The EFCC has slammed a total of six counts of money laundering against Buba and Mbagwu.
Halima Buba, Managing Director of SunTrust Bank Nigeria Limited, has been remanded in Kuje Correctional Facility, FCT, Abuja following her arraignment over an alleged $12 million money laundering scheme.
Buba, alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, were docked before Justice Emeka Nwite of the Federal High Court in Abuja on July 13, 2025, over multiple counts brought by the Economic and Financial Crimes Commission (EFCC).
The charges stem from an elaborate financial fraud allegedly linked to controversial businesswoman Aisha Achimugu, Chief Executive Officer of FELAK CONCEPT GROUP, who is said to be at the center of the conspiracy.
Investigators allege that the illicit transactions were routed through SunTrust Bank in clear violation of Nigeria’s anti-money laundering laws—raising troubling questions about regulatory lapses, internal complicity, and corporate governance failures at the institution.
According to the EFCC, the duo facilitated multiple transactions designed to circumvent standard financial protocols.
Justice Nwite ordered the remand of Halima Buba, and Innocent Mbagwu, the bank’s Chief Compliance Officer, in custody pending the fulfillment of their bail conditions.
The two pleaded not guilty to six charges.
The judge granted each of them ₦100 million bail with one surety who must own property in Abuja. All documents and addresses must be verified before release.
The case was adjourned to July 17 and 18, 2025, for continuation of trial.
One of the charges—Count Two—specifically accuses the defendants of aiding a $3 million cash payment without passing through a financial institution:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court 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.”
The EFCC has slammed a total of six counts of money laundering against Buba and Mbagwu.
Halima Buba, Managing Director of SunTrust Bank Nigeria Limited, has been remanded in Kuje Correctional Facility, FCT, Abuja following her arraignment over an alleged $12 million money laundering scheme.
Buba, alongside Innocent Mbagwu, the bank’s Executive Director and Chief Compliance Officer, were docked before Justice Emeka Nwite of the Federal High Court in Abuja on July 13, 2025, over multiple counts brought by the Economic and Financial Crimes Commission (EFCC).
The charges stem from an elaborate financial fraud allegedly linked to controversial businesswoman Aisha Achimugu, Chief Executive Officer of FELAK CONCEPT GROUP, who is said to be at the center of the conspiracy.
Investigators allege that the illicit transactions were routed through SunTrust Bank in clear violation of Nigeria’s anti-money laundering laws—raising troubling questions about regulatory lapses, internal complicity, and corporate governance failures at the institution.
According to the EFCC, the duo facilitated multiple transactions designed to circumvent standard financial protocols.
Justice Nwite ordered the remand of Halima Buba, and Innocent Mbagwu, the bank’s Chief Compliance Officer, in custody pending the fulfillment of their bail conditions.
The two pleaded not guilty to six charges.
The judge granted each of them ₦100 million bail with one surety who must own property in Abuja. All documents and addresses must be verified before release.
The case was adjourned to July 17 and 18, 2025, for continuation of trial.
One of the charges—Count Two—specifically accuses the defendants of aiding a $3 million cash payment without passing through a financial institution:
“That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court 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.”
The EFCC has slammed a total of six counts of money laundering against Buba and Mbagwu.
