Spotlights
Uneasy calm in SunTrust Bank as EFCC drags CEO Halima Buba to court over $12 million money laundering
The atmosphere around SunTrust Bank Nigeria Ltd. Abuja headquarters has been eerily calm these days, a sharp contrast to the legal turmoil brewing around its leadership, as reported by politicsnigeria.com
On Tuesday, May 27, 2025, Managing Director Halima Buba, a respected figure in the banking sector for over twenty years, was conspicuously missing in Courtroom 4 of the Federal High Court in Abuja. Her absence reflects the escalating crisis surrounding the allegations that she and the Executive Director, Innocent Mbagwu were involved in a $12 million financial scandal.
The Accusation
The EFCC alleges that Halima Buba, along with other individuals, siphoned off millions of dollars under the guise of various transactions. These funds are suspected to be proceeds from illicit activities, carefully concealed through a web of complex financial maneuvers. The charges brought against Buba include conspiracy, money laundering, and abuse of office, painting a grim picture of alleged malfeasance at the helm of a trusted financial institution.
This high-profile case has not only sent ripples through the financial industry but also raised concerns about the regulatory oversight and governance within SunTrust Bank.
A Botched Arraignment
What was supposed to be a straightforward arraignment before Justice Emeka Nwite turned into a tense legal standoff. EFCC prosecutor Ekele Iheanacho, SAN, stood before the judge with an awkward confession: “My lord, the prosecution has not been able to serve the defendants.” The irony was palpable.
While Buba and Mbagwu were absent, their high-profile lawyers were ready in the gallery. Iheanacho noted that defense counsel J.J. Usman, SAN, had offered to accept service but insisted on navigating some procedural hurdles: filing an ex parte application under Section 382(5) of the Administration of Criminal Justice Act (ACJA) to allow for substituted service.
Usman responded with barely concealed frustration: “Our clients instructed us to appear because they read about the case on social media.”
His plea was urgent, he wanted direct service through the counsel to prevent a media circus. “We do not want a situation where our clients are unnecessarily humiliated,” he argued, alluding to the EFCC’s infamous practice of media trials.
Iheanacho however, dismissed this as “speculative”, adding that, “It is better to make haste slowly, as over-speeding kills.” Justice Nwite found a middle ground and adjourned the arraignment to June 4 while directing the EFCC to file its service application by May 29.
The Woman in the Eye of the Storm
Halima Buba is no ordinary executive. Her corporate biography reads like a blueprint of Nigerian banking excellence: former leadership roles at Zenith Bank and Ecobank, an MBA from the University of Maiduguri, Senior Honorary Member of the Chartered Institute of Bankers, and Non-Executive Director at the Nigerian Sovereign Investment Authority. Her philanthropic work, particularly in girls’ education, paints a portrait of social responsibility. With such sterling résumé, the EFCC’s accusation has become a deep cut.
The charges allege that Buba and Mbagwu conspired to funnel $12 million through cash payments to different persons beyond the prescribed threshold without passing through stipulated institutional processes. The EFCC claims this violated Sections 21(a), 2(1), and 9(1)(d) of Nigeria’s Money Laundering (Prevention and Prohibition) Act 2022, carrying severe penalties under Section 19(2)(b).
For a Chief Compliance Officer (Mbagwu) and a CEO celebrated for governance excellence, the irony is staggering.
The Specter of a “Media Parade”
In Nigeria’s anti-corruption theater, the “media parade” is a feared opening act. Usman’s courtroom warning that “the prosecution might resort to arresting and parading the defendants in the media”, was not paranoia. It echoed recent history of several media trials of notable personalities before the substantive court hearings.
For Buba, whose reputation is her currency, the pain of a media parade may run deeper than any indictment.
Inside SunTrust Bank
Expectedly, since the news broke, an has settled over SunTrust Bank. Employees, investors, and customers alike are grappling with a mix of disbelief and anxiety. Inside the bank’s headquarters, beneath the usual bustling atmosphere, are the hush-hush conversations dominating even small talks in the bank.
While some employees naturally express support for their CEO, others are more concerned about the potential damage to the bank’s reputation and stability.
“We’re all just trying to focus on our work, but it’s hard to ignore the elephant in the room,” confided one employee who preferred to remain anonymous. “Halima has always been a strong leader, but these allegations are very serious. We’re worried about what this means for the future of the bank.”
The Human Cost
Beyond the legal and financial ramifications, the case has a profound human cost. Halima Buba, once celebrated as a trailblazer in the banking industry, now faces the possibility of serving time or a ruined professional legacy, if convicted. Her family is undoubtedly suffering under the weight of the accusations, and her reputation is already stretched thin.
Most times, it’s easy to forget that behind every headline, there are real people whose lives are being affected.
So, no matter how much of a straight face she puts up, this is one ordeal Halima Buba would wish could go away.
Broader Implications
The EFCC’s case against Halima Buba has far-reaching implications for the Nigerian financial sector. It underscores the ongoing battle against corruption and money laundering, while highlighting the need for greater transparency and accountability in banking practices. It is also likely to prompt a more rigorous examination of corporate governance standards and regulatory oversight within the industry.
Whatever be the case, banks need to strengthen their internal controls and compliance mechanisms to prevent money laundering and other illicit activities, as this whittles down public confidence and puts the reputation of the entire sector at risk.
The Road Ahead
As the legal fireworks commence, a gale of uncertainty swirls around the future of SunTrust Bank. This, among other things, may compel the bank’s board of directors to take decisive actions to reassure stakeholders and restore confidence in the institution.
For Halima Buba, the road ahead is fraught with uncertainty. She will need to mount a vigorous defense against the charges and fight to clear her name.
Ahead of June 4
As SunTrust’s employees refresh news feeds and clients nervously dial relationship managers, the clock ticks toward June 4 – the rescheduled arraignment date. Justice Nwite’s procedural compromise demands the EFCC to formalize its service application by Thursday, May 29 . For now, Buba remains at her desk, leading a bank “under siege”.
Whether she becomes a cautionary tale for corporate governance in the banking space or a victim of prosecutorial overreach, the damage is already unfolding.
The $12 million question is no longer just about cash transactions – it’s about how quickly reputational capital could be liquidated in record time. The next act unfolds on June 4, 2025, at the Federal High Court, Abuja, where paper, procedure, and power will collide.
Excitement has erupted among many Nigerians as President Tinubu’s economic policies begin to deliver promising results.
The Central Bank of Nigeria (CBN) has implemented stricter controls while maintaining a lower exchange rate at official windows.
However, the limited access and stringent allocation restrictions have compelled numerous importers, businesses, and students seeking to study abroad to resort to the parallel market.
Data from the Central Bank of Nigeria (CBN) showed that the naira rose to N1,506.08 to a dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM). The last time it was that strong was on the 5th of March, 2025, when it closed at N1,500.80/$.
The naira has continued to enjoy rare stability, driven by the various policies of the apex Bank, including maintaining a high interest rate, a move that has lured in foreign capital and made the currency firmer.
Nigeria’s naira has witnessed some turbulence years after the authorities relaxed currency controls, effectively floating the currency to be more determined by market forces. That saw the unit fall by over 70 percent and disrupted business plans of many firms in Africa’s most populous nation.
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But those eras of sharp swings are phasing out as the local currency is expected to continue its rally until the end of the year, with global investment bank JP Morgan forecasting the naira to close 2025 at N1,450 per dollar.
A potential rate cut by the United States Federal Reserve also bodes well for the naira’s long-term stability as global capital finds its way into emerging markets like Nigeria, further bolstering the calmness of the currency.
“A lower US interest rate would diminish the relative attractiveness of US assets, prompting global investors to seek higher returns in emerging markets like Nigeria. Consequently, Nigeria will likely experience increased portfolio inflows, particularly into the fixed-income market,” analysts at FBNQuest Merchant Bank wrote in a note recently.
“Renewed interest by offshore investors could potentially bolster foreign exchange reserves and support the stability of the Naira.”
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The Nigeria’s national grid has again collapsed with the total of 50 Mega Watts drop, according to the report that emerged after the incident.
A breakdown of the affected states indicted that the collapse, which happened around 12:25 pm on Wednesday, September 10, affected 11 states, including the Federal Capital Territory (FCT). ...click link for full list here
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Below is the states and the affected areas according to The Cable:
1. Abuja DisCo: 20 MW
2. Benin DisCo: 10 MW
3. Eko DisCo: 0 MW
4. Enugu DisCo: 0 MW
5. Ibadan DisCo: 20 MW
6. Ikeja DisCo: 0 MW
7. Jos DisCo: 0 MW
8. Kaduna DisCo: 0 MW
9. Kano DisCo: 0 MW
10. PHarcourt DisCo: 0 MW
11. Yola DisCo: 0 MW
Total: 50 MW
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Delta State Governor, Rt. Hon. Sheriff Oborevwori, has commended the South-South states for their immense contributions to Nigeria’s growth and stability, describing the region as a critical pillar of the nation’s economic and social development.
Speaking on Sunday at the 2025 Passover Conference and dedication of the children of Apostle Charles Osazuwa, Founder of Rock of Ages Christian Assembly International, in Benin City, Edo State, the Governor stressed that the South-South remained central to Nigeria’s prosperity, given its oil and gas wealth, agricultural resources, and human capital.
Oborevwori maintained that a stronger collaboration with the Federal Government was essential to closing the development gaps and ensure that the region fully benefits from its natural endowments.
He also underscored the need for unity among South-South states in engaging the Federal Government on key issues of infrastructure, environmental protection, and economic diversification.
“A united South-South voice will not only fast-track development but also strengthen security and promote inclusive growth across our region,” the Governor said.
On the occasion, which he described as both spiritual and instructive, Oborevwori emphasized the value of thanksgiving and faith.
“Whenever God does something, it is only right that we appreciate Him. Today, we have not only witnessed the dedication, but we have also received a powerful message, one that has truly blessed us. I took notes myself because there was so much to take home,” he added.
The Governor highlighted the cultural, spiritual, and historical bond between Delta, Edo, and Bayelsa states, describing them as “one people with the same roots and destiny.”
He noted that the unity of the three states was reflected in their collective achievements, citing their strong outings at recent national sporting events as evidence of shared progress.
“At the National Youth Games, Delta came second and Edo came third. In Ogun State, Delta took first while Bayelsa came second. Whenever one of us shines, we all shine. That is the strength of our brotherhood,” he remarked.
Oborevwori also commended Apostle Osazuwa and his ministry for their integrity and commitment to the gospel, praying that the church would continue to grow in strength and impact.
Edo State Governor, Senator Monday Okpebholo, represented by his deputy, Rt. Hon. Dennis Idahosa, assured that his administration remained committed to promoting Christianity through good governance.
Similarly, Bayelsa State Governor, Senator Douye Diri, represented by his deputy, Senator Lawrence Ewhrudjakpo, congratulated Apostle Osazuwa on the dedication of his triplets, describing him as a genuine man of God who preaches with ease and conviction.
In his remarks, Apostle Osazuwa urged Governors Monday Okpebholo and Sheriff Oborevwori to leverage their offices to press the Federal Government for the urgent rehabilitation of the dilapidated Benin–Sapele Road, lamenting the severe hardships it continues to inflict on motorists.
Earlier, in a sermon titled “Understanding the Power of Effective Prayer,” Apostle Osazuwa stressed the potency of prayer as a vital tool for believers to effect change, overcome afflictions, and engage in spiritual warfare.
He described prayer as a two-way communication between man and God, noting its mystery and transformative power.
The event attracted dignitaries, including immediate past Governor of Delta State, Senator Ifeanyi Okowa; the Speaker of Delta State House of Assembly, Rt. Hon. Emomotimi Guwor, Pastor Osagie Ize-Iyamu; Prof. Idia Ize-Iyamu; alongside worshippers and well-wishers who joined the Osazuwa family in thanksgiving.
The Economic and Financial Crimes Commission (EFCC) has declared Olasijibomi Suji Ogundele, founder of Sujimoto Luxury Construction Limited, wanted for allegedly diverting funds and engaging in money laundering.
The declaration was contained in a notice issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, and circulated to the public via its official X account.
According to the Commission, Ogundele is wanted in connection with an alleged case of diversion of funds and money laundering being investigated by its Lagos Command
“The public is hereby notified that OLASIJIBOMI SUJI OGUNDELE of Sujimoto Luxury Construction Limited, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Diversion of Funds and Money Laundering,” the commission stated.
Public appeal for information
The EFCC urged members of the public with useful information on his whereabouts to contact its offices across the country.
The notice described him as a 44-year-old indigene of Ori-Ade Local Government Area of Osun State. His last known address was listed as G29, Banana Island, Ikoyi, Lagos State.
“Anybody with useful information as to his whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies,” the notice read.
The controversies surrounding Olasijibomi Suji Ogundele, the founder of Sujimoto Luxury Construction Limited, did not just begin.
In October 2024, he was under police investigation following allegations of a $325,000 real estate fraud. According to reports, a client had paid the sum for a three-bedroom apartment in the Leonardo project in Banana Island, Lagos, but neither received the property nor a refund.
The Police Force Criminal Investigations Department (FCID) invited Ogundele for questioning, but he initially failed to respond, opting instead to file a fundamental rights suit to restrain the investigation.
He later appeared at the FCID headquarters in Abuja after further pressure from investigators and was interrogated before being released on bail.
Following his release, Ogundele issued a response, denying any fraudulent activity. He explained that the delays in delivering the project were caused by external economic factors, specifically inflation, rising construction material costs, and the volatility of foreign exchange.
He stated that he had arrived at the FCID with a trove of evidence, including title documents of the Leonardo project, approvals from Lagos State, and other paperwork, which he claimed demonstrated transparency and a genuine commitment to fulfilling obligations to clients.
The Federal Government of Nigeria is in the process of obtaining new financing from the World Bank amounting to $1.75 billion, despite recent announcements of a significant increase in national revenues.
President Bola Tinubu stated on Tuesday that Nigeria has already exceeded its revenue targets for 2025.
In a follow-up clarification, the Presidency revealed that Nigeria collected N20.59 trillion between January and August 2025, reflecting a 40.5% increase compared to the N14.6 trillion accrued in the same period the previous year.
According to Bayo Onanuga, the Special Adviser to the President on Information and Strategy, this revenue surge has been largely driven by non-oil sources, which now represent 75% of the government’s total revenue.
Nevertheless, officials indicated that borrowing would persist to address funding gaps in essential sectors.
Documentation from the World Bank suggests that approval for the $1.75 billion in new loans for Nigeria is anticipated before the end of the year. These funds will be allocated to projects in agriculture, health, digital infrastructure, and financing for small businesses.
Key initiatives earmarked for support include a $500 million project aimed at enhancing agricultural value chains to improve farm productivity and promote rural development.
Additionally, there is a $500 million digital infrastructure program intended to expand connectivity and foster technology-led growth, a $250 million health security project, and a $500 million initiative focused on providing inclusive financing for micro, small, and medium enterprises.
The loans are currently undergoing various stages of review and negotiation, indicating that Nigeria continues to rely on external borrowing to meet its financial needs. According to World Bank data, the country has secured a total of $8.4 billion in new credit lines over the past two years.
President Bola Tinubu has asserted that the policies and initiatives of his administration are fundamentally anchored in the solemn oath of office he took, which obligates him to serve the interests of all Nigerians.
In a statement shared on his X handle on Monday, he emphasized that this oath serves as a guiding principle for the various infrastructural projects his government is undertaking, including the construction of bridges, roads, railways, and advancements in the power and healthcare sectors.
His remarks came in response to mounting criticisms regarding perceived imbalances in the distribution of projects and allegations of regional neglect.
Tinubu contended that his administration is committed to implementing policies and delivering projects that are intended to benefit all citizens, irrespective of their region, religion, or ethnic background.
“I took an oath to serve all Nigerians, not a section. That oath guides every bridge, road, rail, power, and health project we deliver,” the post reads.
“From the Lagos–Calabar Highway in the South to the Sokoto–Badagry Superhighway in the North; from Port Harcourt–Maiduguri rail in the East to Abuja–Kaduna–Kano expressway in the Centre, and the Trans-Saharan highway connecting African countries, these are not local trophies. They are our national assets.”
Tinubu said health centres are being rehabilitated nationwide, and light rail projects in Kano, Kaduna, Lagos, and Ogun have been given the green light.
“250,000 jobs are being created, power is returning to Kaduna through the revived 255MW power plant, bridges in Onitsha and Bonny reconnect our people, oil exploration is expanding in Bauchi and Gombe, and the AKK pipeline has crossed the Niger,” he said.
“Every farmer who needs a road, every trader who needs power, every child who needs a school, every patient who needs care… this is who we are building for.”
The president noted that the “equity of renewed hope” ensures no Nigerian is second class and no region is left behind.
“Together we will rise as one nation, one people, and one destiny. Bet on Nigeria,” he added.
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