The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director of SunTrust Bank, Halima Buba, alongside the bank’s Executive Director and other top officials over an alleged $12 million fraud.
The accused were brought before a Federal High Court in Lagos on Monday, facing multiple charges bordering on conspiracy, money laundering, and criminal breach of trust.
According to the EFCC, the defendants allegedly diverted the funds under false pretenses in a transaction involving foreign exchange and corporate accounts between 2022 and 2023.
EFCC prosecutors told the court that preliminary investigations revealed the funds were siphoned through a series of fictitious companies and laundered using complex financial structures. The agency added that the bank’s leadership failed to follow due process and violated key anti-money laundering regulations.
Halima Buba and the other defendants pleaded not guilty to all charges.
Justice A.O. Faji ordered that they be remanded in EFCC custody pending the hearing of their bail applications scheduled for later this week.
The case has drawn significant public attention given Buba’s profile in Nigeria’s banking sector and her recent national recognitions. The EFCC has vowed to ensure thorough prosecution to serve as a deterrent against financial crimes within the banking system.
