$12 Million Fraud: SunTrust MD, Halima Buba’s Arraignment Stalled over Absence

The Federal High Court in Abuja on Tuesday adjourned the arraignment of SunTrust Bank’s Managing Director/CEO, Halima Buba, and Executive Director/Chief Compliance Officer, Innocent Mbagwu, after the defendants were not formally served with money laundering charges.

Presiding Justice Emeka Nwite had listed the case brought by the Economic and Financial Crimes Commission (EFCC), which accuses the two bank officials of conspiring to launder $12 million in cash payments, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

EFCC lead counsel, Senior Advocate Ekele Iheanacho, informed the court that attempts to serve the charges had failed.

“The prosecution has not been able to serve the defendants. Ironically, they are apparently aware of today’s proceedings as their legal representatives are in court,” Iheanacho said, noting that defence counsel had signaled willingness to accept service on behalf of their clients.

To regularize service, the EFCC plans to file an ex-parte motion for substituted service in accordance with Section 382(5) of the Administration of Criminal Justice Act.

“We do not oppose this but we wish to comply with Section 382(5) of the ACJA, which requires us to bring an application for substituted service by way of an ex parte application,” Iheanacho told the bench. “This can be taken before the next adjourned date, and both parties have agreed that the arraignment can be rescheduled for June 4, 2025.”

Defence counsel J.J. Usman (SAN) confirmed his clients learned of Tuesday’s hearing via social media and had not been officially served.

“Our clients instructed us to appear in court because they read about the case on social media. They have not been served,” Usman explained. “We approached the learned silk for the prosecution and undertook to accept service on behalf of our clients. We asked him to serve us, but he refused.”

Usman warned that failure to recognize service through counsel could lead to unwarranted arrests and public parades of the defendants.

“We are here and are pleading with the court to direct that service be effected on us. We are ready to appear with our clients on the next adjourned date,” he added.

Iheanacho dismissed these concerns as speculative, emphasizing that only a court order for substituted service would follow after formal application.

Justice Nwite granted the adjournment to June 4, 2025, and directed the EFCC to file its substituted service application by May 29, 2025.