Abuja, Nigeria – June 14, 2025
The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director of SunTrust Bank Nigeria Limited, alongside the bank’s Executive Director, before a Federal High Court in Abuja over allegations of money laundering involving the sum of $12 million.
The defendants were arraigned on multiple counts bordering on conspiracy, money laundering, and breach of trust. According to the charge sheet presented by the EFCC, the bank executives allegedly facilitated the illegal movement of funds, which were purportedly proceeds of unlawful activities.
EFCC counsel told the court that the offences contravened sections of the Money Laundering (Prohibition) Act and carry severe penalties upon conviction. The anti-graft agency said investigations revealed that the accused conspired with other unidentified parties to launder the said funds through various bank accounts between 2023 and 2024.
The defendants pleaded not guilty to the charges. Following the plea, the defence counsel filed an application for bail, which was not opposed by the prosecution. The trial judge granted bail to the defendants on stringent conditions and adjourned the case to a later date for commencement of trial.
The EFCC has reiterated its commitment to pursuing financial crimes cases to a logical conclusion, particularly those involving the banking sector, which it says plays a critical role in either aiding or curbing money laundering in the country.
