The scheduled arraignment of Halima Buba, Managing Director/Chief Executive Officer of SunTrust Bank Ltd, and Innocent Mbagwu, the bank’s Executive Director/Chief Compliance Officer, was stalled on Tuesday due to the absence of the defendants in court.
The Economic and Financial Crimes Commission (EFCC) is prosecuting the top bank executives on charges of conspiracy and facilitating unlawful cash transactions totaling $12 million—allegedly in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the Federal High Court in Abuja, presided over by Justice Emeka Nwite, the case could not proceed as planned. EFCC counsel Ekele Iheanacho, SAN, informed the court that the charges had not been served on the defendants.
“My lord, the prosecution has not been able to serve the defendants,” Iheanacho stated. “Ironically, they appear to be aware of today’s proceedings as their lawyers are in court. We have been informed they are willing to accept service on behalf of their clients.”
He added that while the EFCC was not opposed to this, the law requires a formal procedure: “We wish to comply with Section 382(5) of the ACJA by bringing an ex parte application for substituted service, which we will file before the next adjourned date.”
He proposed June 4, 2025, for the rescheduled arraignment.
Counsel to the defendants, J.J. Usman, SAN, confirmed that his clients had not been served but learned of the case via social media.
“Our clients instructed us to appear because they read about the arraignment online. We approached the prosecution to serve us, but they declined. We are pleading with the court to direct that service be effected through us,” Usman said.
He warned against the possibility of the EFCC opting for arrest and media parading: “We do not want a situation where our clients are unnecessarily humiliated. We are willing to cooperate.”
In response, Iheanacho described the concern as unfounded.
“The fear is speculative,” he said. “Until the court grants substituted service, the prosecution reserves the right to arrest the defendants if found. But we must follow due process. It is better to make haste slowly—overspeeding kills.”
Justice Nwite, after hearing both sides, adjourned the matter until June 4 for arraignment. He also directed the prosecution to file and move its application for substituted service on or before Thursday, May 29, 2025.