On June 4, the Federal High Court in Abuja will schedule the court appearance of Halima Buba, who is the Managing Director/CEO of SunTrust Bank Ltd, due to accusations of money laundering involving $12 million.
The Economic and Financial Crimes Commission (EFCC) will arraign Buba, along with Innocent Mbagwu, the bank’s Executive Director/Chief Compliance Officer, before Justice Emeka Nwite
The News Agency of Nigeria (NAN) reports that although the defendants were set to enter their pleas on Tuesday, the arraignment could not take place because the two were not present in court.
The two executives of the bank are being prosecuted by the EFCC for purportedly conspiring to facilitate cash transactions involving millions of dollars that exceed the legal limit and were made without routing through a financial institution, in violation of Sections 21(a), 2(1), and 9(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022. These actions are punishable under Section 19(2)(b) of that same legislation.
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