Halima Buba, the managing director/CEO of SunTrust Bank Nigeria Limited, is currently facing allegations of involvement in a $12 million money laundering case.
Also in troubled waters is the bank’s Executive Director/Chief Compliance Officer, Innocent Mbagwu.
Their arraignment before the Federal High Court in Abuja on Tuesday was stalled due to the absence of both defendants.
Justice Emeka Nwite was scheduled to preside over the case brought by the Economic and Financial Crimes Commission (EFCC), which accuses Halima Buba and Innocent Mbagwu of conspiring to launder $12 million in cash payments, in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.
The two are facing charges of conspiracy and aiding cash payments to various individuals involving millions of dollars—transactions carried out above the legal threshold without passing through any financial institution. These actions contravene Sections 21(a), 2(1), and 9(1)(d) of the Money Laundering Act and are punishable under Section 19(2)(b) of the same legislation.
At Tuesday’s proceedings, EFCC lead counsel, Senior Advocate Ekele Iheanacho, informed the court of difficulties in serving the defendants.
“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,” said Iheanacho, noting that the defence had expressed readiness to accept service on their behalf.
To resolve the issue, the EFCC will be filing an ex parte motion for substituted service, in accordance with Section 382(5) of the Administration of Criminal Justice Act (ACJA).
“We do not oppose this but we wish to comply with Section 382(5) of the ACJA, which requires us to bring an application for substituted service by way of an ex parte application,” Iheanacho stated. “This can be taken before the next adjourned date, and both parties have agreed that the arraignment can be rescheduled for June 4, 2025.”
Defence counsel, J.J. Usman (SAN), said his clients – the SunTrust Bank executives, were unaware of the hearing until they saw it reported on social media.
“Our clients instructed us to appear in court because they read about the case on social media. They have not been served,” Usman explained. “We approached the learned silk for the prosecution and undertook to accept service on behalf of our clients. We asked him to serve us, but he refused.”
“We are here and are pleading with the court to direct that service be effected on us. We are ready to appear with our clients on the next adjourned date,” he added.
“Failure to serve through counsel could lead to unnecessary arrests and public embarrassment.”
However, Iheanacho dismissed the defence’s concerns as premature.
Justice Nwite subsequently granted an adjournment and ordered the EFCC to file the substituted service application by May 29, 2025.
The arraignment is now set for June 4, 2025.
