Innocent Mbagwu, executive director and chief compliance officer of SunTrust Bank Nigeria Limited, is facing prosecution alongside Halima Buba, the bank’s managing director, over allegations offraud totaling $12 million.
The defendants were arraigned in September 2025 before Justice Emeka Nwite of the Federal High Court, Abuja, on a six-count charge bordering on money laundering.
The Economic and Financial Crimes Commission (EFCC) revealed that the bank executives allegedly exploited their positions within SunTrust Bank to facilitate unauthorized fund transfers, bypassing both internal controls and regulatory checks.
The EFCC described the actions as “not only fraudulent but also indicative of systemic abuse of corporate authority within the bank’s leadership.”
The EFCC also outlined how the $12 million was allegedly laundered through a complex web of financial transactions.
“The defendants acted in concert to exploit their positions within the bank to facilitate unauthorized fund transfers, bypassing internal controls and regulatory checks,” the commission said.
Details of the charges
Count two of the charge reads: “That you, HALIMA BUBA, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and INNOCENT MBAGWU being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the Honourable Court aided Femi Gbamgboye to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
Count three further alleges: “That you, HALIMA BUBA, the Managing Director/Chief Executive Officer of SunTrust Bank Ltd and INNOCENT MBAGWU, the Executive Director/Chief Compliance Officer of SunTrust Bank Ltd on the 13th day of March, 2025 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to make a cash payment of the sum of Three Million United States Dollars ($3,000,000) to Mukhtar Miko an associate of Suleiman Muhammed Chiroma without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(1)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
When the charges were read, both defendants pleaded “not guilty”, after which lead prosecution counsel, Rotimi Oyedepo, SAN, informed the court that the prosecution was ready to proceed and prayed for an accelerated hearing.
Justice Nwite subsequently admitted both defendants to bail in the sum of N100 million each, with one surety each of the same value.
The case underscores Innocent Mbagwu’s pivotal role as Chief Compliance Officer in allegedly orchestrating the financial maneuvers while serving at SunTrust Bank.
Mbagwu’s Professional background
Mbagwu, who holds an MBA from Lagos State University and a degree in Accounting from the Federal Polytechnic, Idah, is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria.
Before his current role at SunTrust Bank, Innocent’s career included positions such as Audit Manager at Funso Ogidiolu & Co., Chartered Accountants, Lagos and Financial Controller at Corporate Telecoms and Hallmark Bank Plc.
He also served as Financial Controller and Head of Internal Audit at ASO Savings and Loans Plc.