Alleged $12m Fraud: Court Fixes November 26 For SunTrust Bank MD’s Trial

By Samuel Egbewole

The Federal High Court in Abuja has adjourned the trial of SunTrust Bank Managing Director, Halima Buba, and the bank’s Executive Director and Chief Compliance Officer, Innocent Mbagwu, until November 26 for the continuation of the trial over an alleged $12 million fraud.

Justice Emeka Nwite fixed the date on Wednesday to attend to other high-profile cases on the court’s docket. He also cited the National Judicial Council’s recent recommendation of his name and 11 other judges to President Bola Tinubu for appointment as justices of the Court of Appeal.

Buba and Mbagwu are being prosecuted by the Economic and Financial Crimes Commission (EFCC) over the alleged $12 million fraud. They were arraigned on July 13, 2025 and granted bail of N100 million each, with one surety each in like sum.

Justice Nwite also ordered the defendants to deposit their international passports with the court registry.

When the matter was called, EFCC counsel, Ogechi Ujam, informed the court that the case had been adjourned for ruling on the commission’s application seeking the revocation of Buba’s bail.

The application followed the EFCC’s allegation that Buba failed to return to Nigeria after she was granted permission by the court to travel abroad for medical treatment arising from alleged pregnancy complications.

The commission had argued that after the expiration of the period approved for her return, Buba failed to comply with the court’s order.

*L-R: Innocent Mbagwu, Executive Director and Chief Compliance Officer, SunTrust Bank; and Halima Buba, Managing Director, SunTrust Bank.

However, Buba and her co-defendant, Mbagwu, were present in court when the matter was called.

Justice Nwite consequently observed that the development had overtaken the pending ruling, given Buba’s presence in court.

Both the EFCC counsel and Buba’s lawyer, Johnson Usman, SAN, agreed with the judge’s observation.

Usman, while thanking the judge for the court’s indulgence, informed the court that Buba had given birth to twin boys.

Following the agreement of counsel, Justice Nwite adjourned the matter until November 26 for continuation of trial.

The prosecution’s first witness, Suleiman Ciroma, had earlier told the court on July 17, 2025 that $12 million was allegedly swapped through SunTrust Bank within 10 days.

Ciroma gave the evidence while being led in examination by EFCC counsel, Ekele Iheanacho, SAN.

The witness identified Buba in court and said that although he had never met Mbagwu physically, the two had communicated by telephone.

Ciroma also tendered a bundle of documents in evidence and narrated how the defendants allegedly facilitated the release of the $12 million through branches of the bank in Abuja and Lagos within 10 days.