By Emmanuel Kwada
SunTrust Bank Nigeria Limited has moved swiftly to dispel what it calls “misleading and widely circulated” reports claiming that its Managing Director, Halima Buba, and Executive Director/Chief Compliance Officer, Innocent Mbagwu, were remanded in custody following their arraignment by the Economic and Financial Crimes Commission (EFCC).
In a strongly worded press statement released on Thursday, June 13, 2025, the bank clarified the status of its executives and reaffirmed its commitment to seamless operations and transparency.
The statement, signed by Chinonso Atuegwu, Head of Corporate Communications, addressed a flurry of speculative and erroneous social media posts that surfaced after the executives’ court appearance on June 13, 2025.
They have since perfected all bail conditions and are not in custody, contrary to the inaccurate reports being widely circulated
The bank categorically debunked claims that Buba and Mbagwu were detained, stating, “They have since perfected all bail conditions and are not in custody, contrary to the inaccurate reports being widely circulated.”
The executives were arraigned before Justice Emeka Nwite at the Federal High Court in Abuja on a six-count charge of money laundering involving $12 million. Both pleaded not guilty, and the court granted them bail in the sum of N100 million each, with conditions including the provision of sureties and property verification.
According to SunTrust, these conditions have been fully met, allowing the executives to remain free while cooperating with the authorities.
SunTrust emphasized its dedication to supporting the legal process, stating, “The Bank remains committed to transparency and due legal process as the matter unfolds.”
We would like to reassure our esteemed customers, partners, and stakeholders that the operations of SunTrust Bank remain uninterrupted and that the Bank is committed to delivering excellent service across all touchpoints
The financial institution also reassured its customers, partners, and stakeholders that its operations remain unaffected by the ongoing legal proceedings.
“We would like to reassure our esteemed customers, partners, and stakeholders that the operations of SunTrust Bank remain uninterrupted and that the Bank is committed to delivering excellent service across all touchpoints,” the statement read.
The Bank remains committed to transparency and due legal process as the matter unfolds
The bank’s swift response appears aimed at quelling public anxiety and restoring confidence in its leadership and operations, particularly in light of the damaging rumors that threatened to undermine its reputation.
While noting that the matter is now before the court, SunTrust stated it would refrain from further public comments to respect the judicial process. The bank concluded its statement with an appeal for understanding and gratitude for the continued trust of its stakeholders.
We appreciate the support and confidence of our customers and partners during this period
“We appreciate the support and confidence of our customers and partners during this period,” Atuegwu added.
The clarification comes amid heightened scrutiny of SunTrust Bank following the EFCC’s allegations of money laundering, which have raised questions about compliance within Nigeria’s banking sector.
As a technology-driven financial institution, SunTrust has worked to establish itself as a trusted player in the industry. The bank’s proactive response underscores its determination to protect its brand and maintain public confidence in the face of what it describes as falsehoods.
The case, adjourned to July 17 and 18, 2025, for trial, will likely remain a focal point for Nigeria’s financial industry as stakeholders await further developments. For now, SunTrust Bank’s decisive action to address misinformation signals its commitment to transparency and operational stability, even as it navigates this high-stakes legal challenge.
