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EFCC arraigns top bank executives over $12m fraud

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The Economic and Financial Crimes Commission, on Friday, arraigned the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, Halima Buba, and the Executive Director/Chief Compliance Officer, Innocent Mbagwu, before Justice Emeka Nwite of the Federal High Court, Abuja.

The duo is standing trial on a six-count charge bordering on money laundering to the tune of $12 million (Twelve Million Dollars).

According to the EFCC, in a statement on its official X account, the alleged offences involve facilitating large cash transactions outside regulated financial institutions in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022.

One of the charges 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 21(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.”

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Another count reads: “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 21(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.”

Both defendants pleaded not guilty to all six charges when they were read to them. Following the plea, lead prosecution counsel, Rotimi Oyedepo, SAN, stated:

“The prosecution is ready to proceed with the trial,” and prayed the court for an accelerated hearing of the case.

On the other hand, defence counsel, J.J. Usman, SAN, urged the court to uphold existing bail applications:

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“The defence counsel, J.J. Usman, SAN, on his part, reminded the court of subsisting bail applications of the defendants, dated May 27, 2025 and prayed that the court should uphold the applications and admit the defendants to bail.”

Responding, Oyedepo challenged the validity of the bail application:

“The prosecution counsel in his response, described the May 27, 2025 bail application of the defendants as incompetent, given that the defendants were neither under arrest, nor in detention, nor have appeared before the court, being the grounds provided by the Administration of Criminal Justice Act, ACJA that should precipitate a bail application, but rather applied for bail from the comfort of their homes or offices when no action has been taken against them.”

He further urged the court to reject the existing applications:

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“He therefore prayed the court to discountenance the said bail application and urged the defendants to make fresh bail applications in court. While the position of the prosecution met opposition from the defence, Justice Nwite, however, admitted the defendants to bail in the sum of N100 million (One Hundred Million Naira), each as well as one surety each, in like sum.”

Justice Nwite laid out conditions for bail: “The sureties he held 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.”

Pending the fulfilment of their bail terms, the court gave further orders:

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“He ordered that they should 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.”

The arraignment marks a significant development in EFCC’s efforts to clamp down on corporate financial misconduct involving top banking executives.

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ISWAP commanders reportedly clash, many feared dead

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Some Islamic State West Africa Province, ISWAP, fighters in the Timbuktu Triangle, have reportedly been killed after rival commanders turned their weapons on each other over a disagreement on a planned attack.

A counter-terrorism expert, Zagazola Makama disclosed this in a post on X.

Zagazola said the clash occurred after a heated dispute between senior field commanders over the conduct of an operation that had been scheduled for the previous night.

He revealed that one of the commanders, identified simply as Abu Ali, reportedly refused to allow fighters under his control to participate in the planned attack.

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Ali’s decision was said to have angered another senior commander, who accused him of deliberately frustrating the operation and questioned his loyalty to the group.

According to Zagazola, the dispute was not an isolated disagreement but the culmination of weeks of rising tension among commanders over operational decisions, dwindling resources and the management of logistics inside the enclave.

It was gathered that the refusal to approve the planned attack merely exposed deeper grievances that had been building within the organisation, with rival commanders increasingly competing for influence, manpower and control of supplies.

The Timbuktu Triangle has for years remained one of ISWAP’s principal operational bases, serving as a sanctuary for commanders, training camps and logistics hubs from where attacks are coordinated across parts of the Lake Chad Basin.

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NSCDC Intercepts 45,000L Of Suspected Illegal Ethanol, Nabs Three In Akwa Ibom

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The Nigeria Security and Civil Defence Corps (NSCDC), Akwa Ibom State Command, has arrested three suspects and impounded a tanker loaded with 45,000 litres of ethanol suspected to have been illegally acquired.

The State Commandant, Mrs. Geraldine Abetianbe, disclosed this while briefing journalists in Uyo.

She said the arrest and seizure were carried out on Tuesday at about 1:00 p.m. by operatives of the command acting on credible intelligence at Ikot Umo Essien, along Aba Road, in Essien Udim Local Government Area.
‎”On June 23, at about 1300hrs, our operatives acting on credible intelligence intercepted a petroleum tanker at Ikot Umo Essien, along Aba Road, in Essien Udim Local Government Area of Akwa Ibom State.

“The tanker, with a capacity of 45,000 litres, was laden with a product suspected to be ethanol acquired illegally.

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“Three suspects were arrested at the scene in connection with the act,” Abetianbe said.

The commandant explained that the arrest of the suspects and seizure of the tanker were based on reasonable suspicion of the illegal acquisition and transportation of petroleum products in the state.

She said the suspects presented a waybill during interrogation, but the document immediately raised suspicion due to several discrepancies. She added that further investigations and inquiries to verify the authenticity of the declared point of loading yielded negative results.

“This confirmed our suspicion that the product was not sourced through legitimate channels.
“Through synergy, mutual respect, and timely information sharing, we recorded this success,” she said.

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Abetianbe warned criminals against engaging in the illegal trade of petroleum products, describing such activities as not only criminal but also a form of economic sabotage that deprives the government of revenue, endangers lives through adulteration and explosions, and undermines national security.

She vowed that the NSCDC, as the lead agency responsible for the protection of critical national assets and infrastructure, would not relent in carrying out its mandate.

“We shall continue to go after vandals, illegal bunkerers, product adulterators, and all those who engage in diversion and illegal transportation of petroleum products,” she said.

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Tension as ISIS releases video of top military grade weapons captured in Niger

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A video allegedly released by the Islamic State, ISIS, following an attack on a Nigerien military base in Inates has surfaced online, allegedly showing a cache of military-grade weapons seized during the raid.

In a sighted video which has circulated on social media, appears to show heavy weapons, including artillery rockets, machine guns and anti-aircraft guns, reportedly captured from the military installation.

The footage was shared on Sunday by Bakatsine, a journalist known for reporting on conflict and insecurity in Nigeria’s North-West region.

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The authenticity of the video and the exact quantity of weapons displayed have not been independently verified.

Bakatsine said that the development has raised fresh concerns over the growing capabilities of terrorist groups operating across the Sahel, where jihadist organisations have intensified attacks against military targets in recent years.

Security analysts have repeatedly warned that weapons captured during such attacks can significantly strengthen insurgent groups and fuel further instability across the region.

According to the report, although there is no evidence that the weapons shown in the video have been moved into Nigeria, experts have long warned that the porous border between Niger and northern Nigeria allows the movement of fighters, weapons and logistics.

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Bakatsine warned that terrorist groups operating across the Sahel and the Lake Chad Basin are also known to maintain operational and logistical links, increasing concerns about the potential regional impact of such seizures.

The attack on the Inates military base underscores the persistent security challenges facing countries in the Sahel, including Niger, Mali and Burkina Faso, where extremist groups continue to target military installations.

The incident has renewed calls for stronger intelligence gathering, improved border security and closer regional cooperation to prevent terrorist groups from acquiring additional military hardware.

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