In a bombshell development shaking Nigeria’s financial sector, the Economic and Financial Crimes Commission EFCC has arraigned several top directors of SunTrust Bank Plc over an alleged $12 million money laundering scheme.
The anti-graft agency on Thursday brought charges before the Federal High Court in Abuja, accusing the bank’s senior executives of conspiring to launder illicit funds in violation of the Money Laundering (Prevention and Prohibition) Act.
According to the EFCC, the accused directors allegedly facilitated the movement of suspicious funds through covert transactions tied to shell companies, bypassing regulatory checks and red flags.
Sources close to the investigation revealed that the scandal involves a complex web of offshore transfers and fictitious accounts, potentially implicating high-level corporate players and politically exposed persons.
Lead EFCC Prosecutor, Rotimi Oyedepo SAN, described the case as “a major breakthrough in the Commission’s renewed crackdown on financial institutions enabling economic sabotage.”
The court has adjourned the matter to July 8, 2025, for hearing on bail applications. Meanwhile, the defendants have pleaded not guilty and are currently remanded in EFCC custody.
This high-profile case comes amid increased scrutiny of Nigeria’s banking system and may set a precedent in the fight against corporate complicity in money laundering. SunTrust Bank is yet to issue an official response.
Stay tuned for unfolding details.
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