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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.”
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:
“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:
“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:
“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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Airforce deploys surveillance aircraft to track abducted Oyo school children, teachers
The Nigerian Air Force (NAF) has continued to provide aerial surveillance support to ongoing efforts aimed at rescuing teachers and pupils abducted from Yawota and Ahoro-Esinele communities in Oriire Local Government Area of Oyo State.
In a statement by NAF’s spokesman, Air Commodore Ehimen Ejodame, Oyo State Governor Seyi Makinde disclosed this during a courtesy visit by the representative of the Chief of the Air Staff (CAS), Air Marshal Sunday Kelvin Aneke, and the Air Officer Commanding (AOC) Logistics Command, Air Vice Marshal Abubakar Suleh, on 5 June 2026.
According to the statement, Makinde revealed that the NAF promptly deployed an aerial surveillance platform immediately after the abduction was reported, providing critical intelligence to support search-and-rescue operations.
The governor said intelligence generated from the surveillance missions had continued to assist security agencies in tracking developments and coordinating efforts towards securing the safe release of the victims.
NAF said Makinde appealed for patience and support from residents, assuring them that all necessary resources are being deployed to ensure the successful resolution of the situation.
He commended the CAS and the NAF for their swift response and sustained support, noting that the Air Force made the surveillance platform available while Oyo State’s newly acquired aerial assets are still being assembled at the NAF Base, Lagos.
“Makinde further explained that the state acquired the platforms following consultations with the NAF to ensure access to maintenance support, engineering expertise and pilot training.
“He expressed confidence that the assets would significantly enhance security operations across Oyo State and neighbouring states once fully operational,” the statement released on Sunday partly read.
Speaking on behalf of the CAS, Air Vice Marshal Suleh conveyed the solidarity of the NAF with the government and people of Oyo State and reaffirmed the Service’s commitment to supporting ongoing efforts to secure the safe return of the abducted victims.
He also commended the government for its continued support towards NAF projects and infrastructure development within the state.
“The NAF remains committed to working closely with other security agencies and relevant stakeholders to safeguard lives and property while supporting efforts to address security challenges across the country,” it added.
The pupils and teachers of the Baptist Nursery and Primary School (Yawota), Community Grammar School (Esiele), and L.A. Primary School were kidnapped on May 15 during a fatal attack by bandits.
One of the teachers was also killed in captivity by the terrorists.
The incident sparked protests by teachers nationwide and civil society groups in Ibadan, demanding urgent action to rescue the victims.
Last week, the House of Representatives called on the federal Government and security agencies to bring the abducted students and teachers back alive.
Following the abduction, President Bola Tinubu approved the appointment of 1,000 forest guards and the deployment of a special rescue team following the abduction of teachers and students in the state.
News
12 Years On: Suswam’s ₦3.1bn Scam Trial Stalls as Defence Yet to Open Case
The long-running trial of ex- Benue State Governor, Gabriel Suswam, over allegations of diverting ₦3.1 billion in public funds has entered its 12th year, with court proceedings yet to reach the defence stage despite the prosecution having concluded its case.
Suswam and his former Commissioner for Finance, Omodachi Oklobia, have been facing prosecution by the Economic and Financial Crimes Commission (EFCC) since November 2015 over allegations bordering on money laundering and the alleged diversion of proceeds from the sale of Benue State Government shares in Dangote Cement Plc.
According to the anti-corruption agency, the funds in question, amounting to approximately ₦3.1 billion, were realised from the sale of state-owned shares in the cement company but were allegedly diverted for personal purposes rather than being remitted to government coffers. Both defendants have consistently denied wrongdoing and pleaded not guilty to the charges.
Court Orders Defendants to Open Defence
After years of legal arguments, procedural delays and changes in judicial handling of the matter, the case appeared to be approaching a decisive phase in July 2025 when Justice Peter Lifu of the Federal High Court in Abuja dismissed a no-case submission filed by the defendants.
In his ruling delivered on July 23, 2025, the judge held that the prosecution had presented sufficient evidence to establish a prima facie case against the defendants, requiring them to enter a defence.
The ruling was widely viewed as a significant milestone in a case that had already spent nearly a decade in the judicial system.
However, despite the court’s directive, defence proceedings have yet to commence almost one year later.
Series of Adjournments Prolong Trial
The court initially scheduled September 25, 2025, for Suswam and Oklobia to begin presenting their defence. However, proceedings failed to move forward as expected.
The matter was subsequently adjourned to January 20, 2026, for the adoption of final written addresses before being shifted again to May 29, 2026.
When the matter came up in May, the hearing could not proceed because the court was not sitting, resulting in another postponement.
Justice Lifu thereafter fixed July 17, 2026, as the new date for the continuation of proceedings.
The repeated adjournments have further extended a case that has already spent more than a decade within Nigeria’s criminal justice system.
Trial Marked by Judicial Changes
Since its commencement, the case has experienced several disruptions arising from judicial transfers, appeals and allegations affecting the presiding judges.
Justice Ahmed Mohammed initially handled the matter after the defendants were arraigned in 2015. However, he stepped aside in 2016 following media reports that questioned his impartiality in the case.
Although he later resumed proceedings, he withdrew again in 2019 after another publication raised similar concerns regarding his continued handling of the trial.
Following his withdrawal, the matter was reassigned to Justice Okon Abang, who proceeded with parts of the prosecution’s case and heard testimonies from some witnesses.
However, the legal battle took another turn when the Court of Appeal ruled that the case file should be returned to Justice Mohammed after an appeal filed by Suswam.
Fresh delays emerged in 2023 when Justice Mohammed was elevated to the Court of Appeal, making it impossible for him to continue handling the matter. The case was subsequently reassigned to Justice Peter Lifu.
EFCC Calls Nine Witnesses
The EFCC eventually closed its case after presenting nine witnesses before the court.
Among those who testified were investigators, officials from the Benue State Ministry of Finance, representatives of stockbroking firms involved in the share transaction and a bureau de change operator.
The prosecution relied on documentary and oral evidence in an effort to establish its allegations that proceeds from the sale of government-owned shares were unlawfully diverted.
Following the close of the prosecution’s case, the defendants sought to have the charges dismissed through a no-case submission. However, the court ruled that sufficient evidence existed to warrant a defence.
Queries Over Delayed Justice
The prolonged nature of the proceedings has continued to attract public attention, particularly because the case remains unresolved more than 11 years after it was first filed.
Legal observers have pointed to the repeated adjournments, judicial reassignments and procedural setbacks as factors contributing to the slow pace of the trial.
Meanwhile, Suswam, who governed Benue State between 2007 and 2015 and later served as a senator, has remained active in Nigeria’s political landscape and is reportedly considering another electoral contest while the criminal case remains pending.Politics
With the next hearing scheduled for July 17, 2026, attention will once again focus on whether the defence will finally begin presenting its case in one of Nigeria’s longest-running high-profile corruption trials.
News
Faleke Urges Civil Servants to Uphold Integrity, Hails Retiring National Assembly Clerk
By Gloria Ikibah
The Chairman House of Representatives Committee on Finance, Rep. James Faleke, has called on civil servants across the country to uphold integrity, professionalism and due process in the discharge of their duties, describing the public service as a critical pillar of national development.
Faleke made the call in Abuja during the launch of a book titled “The Nigerian Legislature: A Practical Guide for Lawmakers”, written by the retiring Clerk of the House Committee on Finance, Mr Oscar Okoro, as part of activities marking his 60th birthday and retirement from service.
The lawmaker praised Okoro’s dedication, commitment and work ethic, describing him as a model civil servant whose career should serve as an inspiration to younger generations entering public service.
According to Faleke, civil servants occupy a strategic position in governance and have a responsibility to ensure that government processes are carried out in accordance with established rules and procedures.
He said: “The civil service mainly, they build the country. They are the technocrats. They are the people that we, politicians rely on.
“And if the civil servant decide to get this done properly, I think the country will better off. Even when the politician says let us do it the other way and he says no, let us follow the rules. I think Nigeria will better off.
“It is about dedication to the development of Nigeria, when you trust and believe in the country, you will want to see the success of the country.
“Okoro is a very, very hardworking guy, unlike others, he is not money conscious, he just wants to see things accordingly and appreciably.
“And for every time I push him hard, he works harder; I believe he’ is going to succeed very well in his retirement, so I wish him luck, and I pray that the family would not get the better of him”.
Faleke noted that Nigeria will benefit greatly if public servants remained committed to professionalism and resisted pressures to circumvent established procedures.
Also speaking at the event, Deputy Chairman of the House Committee on Finance, Rep. Abubakar Saidu, said his relationship with Okoro had grown beyond official duties and evolved into a family bond over the years.
He described the retiring clerk as a consummate professional whose conduct and dedication to service should serve as a guide for younger public servants.
According to him:
“He is very dedicated, very patient, he is a professional, excellent and committed as well as exemplary when it comes to the job,” he said.
Saidu added that future generations of civil servants will have much to learn from Okoro’s approach to public service and his commitment to excellence.
In his remarks, House Spokesman, Rep. Akin Rotimi, described Okoro as an outstanding public servant whose contributions to the National Assembly and the country would not be forgotten.
Rotimi commended him for what he described as years of meritorious service and dedication to legislative administration.
“My encouragement to people in service is that, this is the kind of person to model and pattern their careers after, people that have integrity and diligence their watch word,” he said.
Rotimi said that though the system has inbuilt mentorship and leadership recruitment processes, Okoro’ wealth of experience and expertise will be greatly missed.
Responding, Okoro attributed his success in life to God Almighty saying that life itself is very difficult and cautious journey.
“You have to know your onions, be hardworking, be patient, humble and respectful; if these are lacking, you are bound to fail either in the National Assembly or anywhere in life,” he said.
Okoro said that he would return to legal practice, consultancy and dedicate the rest of his life to mentorship of younger generations and service to God.
Earlier, the book reviewer, Prof. Kabir Danladi of the Department of Public Law, Ahmadu Bello University (ABU) said that the book is a demonstration of hardwork and dedication to service exhibited by the author in the 27 years service to the nation.
He said that the book provides a practical and institutional guide for the Nigerians legislature with focus on the National Assembly.
The professor said that the books covers the constitutional foundation of National Assembly, internal structure, legislative procedure, oversight functions and its relationship with other arms of government.
Danladi said that the 335 pages book is structured acrossed nine chapters, each addressing a distinct legislative life from historical foundation, constitutional law to practical step-by-step guidance on legislative procedure.
He said that there is alternative to reading especially for those who want to grasp the knowledge therein saying that reading is a command for human development and progress.
The professor recommended the book for all lawmakers, politicians and for all Nigerians to read and enhance the understanding of the legislature.
The event drew lawmakers, parliamentary staff, family members and associates who gathered to celebrate Okoro’s retirement and the launch of his book, which offers practical insights into legislative procedures and the workings of Nigeria’s parliament.
Many of the speakers described the book as a valuable resource for lawmakers, legislative aides and students seeking a deeper understanding of parliamentary practice in Nigeria.
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