The Economic and Financial Crimes Commission (EFCC) on Friday, arraigned the Managing Director of SunTrust Bank Limited, Halima Buba, for alleged $12 million fraud at the Federal High Court, Abuja.
Buba was arraigned alongside the bank’s Executive
Director/Chief Compliance Officer, Innocent Mbagwu, on a six-count charge of money laundering.
The commission in a statement on its official X account, alleged that the duo facilitated large cash transactions outside regulated financial institutions in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022.
However, the defendants pleaded not guilty to the charges.
Following the plea, the prosecution counsel, Rotimi Oyedepo (SAN), asked the court to pick a trial date.
He said: “The prosecution is ready to proceed with the trial.”
On his part. the defence counsel, J.J. Usman (SAN), urged the court to uphold existing bail applications:
Justice Emeka Nwite granted the defendants bail in the sum of N100 million each and one surety each in like sum.
He said: “The sureties must have landed properties in Abuja, of which the particulars of the properties would be deposited with the court.
“The sureties are also to deposit their passports and two recent passport photographs with the court.”
“In addition, all the documents the sureties provided, including their residences, must be verified by the court before approval.”
The judge ordered that the defendants be remanded in a correctional facility pending the fulfilment of their bail conditions and adjourned the matter till July 17 and 18 for continuation of trial.
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