Nigeria's financial crimes watchdog charged two top SunTrust Bank executives with moving $12 million illegally. The Economic and Financial Crimes Commission brought Halima Buba and Innocent Mbagwu to court Friday. Judge Emeka Nwite heard the case at the federal courthouse in Abuja. Both defendants denied all six charges against them. The bank leaders face serious money laundering accusations.
The charges claim the executives helped move millions of dollars outside proper banking channels. Court papers say they helped Femi Gbamgboye make a $3 million cash payment to Suleiman Muhammed Chiroma on March 10. Three days later, they allegedly arranged another $3 million payment to Mukhtar Miko in Lagos. These deals violated Nigeria's anti-money laundering rules. The payments never went through official financial institutions.
Prosecutors want to start the trial quickly and asked for fast hearings. Defense lawyers filed for bail back in May and asked the court to free their clients. The prosecution team fought the bail request hard. They argued the defendants were never arrested and could not ask for bail from home. Judge Nwite sided with the defense team.
Each defendant must pay 100 million naira for bail and find someone to guarantee the same amount. The court requires the guarantors to put up property papers and surrender their passports. The judge sent both executives to jail until they meet these strict bail terms. The trial continues July 17 and 18.
The charges claim the executives helped move millions of dollars outside proper banking channels. Court papers say they helped Femi Gbamgboye make a $3 million cash payment to Suleiman Muhammed Chiroma on March 10. Three days later, they allegedly arranged another $3 million payment to Mukhtar Miko in Lagos. These deals violated Nigeria's anti-money laundering rules. The payments never went through official financial institutions.
Prosecutors want to start the trial quickly and asked for fast hearings. Defense lawyers filed for bail back in May and asked the court to free their clients. The prosecution team fought the bail request hard. They argued the defendants were never arrested and could not ask for bail from home. Judge Nwite sided with the defense team.
Each defendant must pay 100 million naira for bail and find someone to guarantee the same amount. The court requires the guarantors to put up property papers and surrender their passports. The judge sent both executives to jail until they meet these strict bail terms. The trial continues July 17 and 18.
