The EFCC Charges Top Executives of SunTrust Bank with Alleged $12 Million Fraud

Sunday 15th June 2025

Happy Father’s Day!

I hope you are having an amazing Sunday! Welcome back to the ONLY newsletter that gives readers a weekly recap of the major events in the Nigerian Business World.

On Friday (13 June 2025), the Economic and Financial Crimes Commission, EFCC, arraigned two SunTrust Bank officials, Halima Buba and Innocent Mbagwu, before Justice Emeka Nwite of the Federal High Court in Abuja.

The defendants, SunTrust Bank Ltd's Managing Director/Chief Executive Officer and Executive Director/Chief Compliance Officer, are charged with six counts of money laundering totalling $12 million.

The sureties must also submit their passports and two recent passport photographs to the court. The court must verify all of the documents provided by the sureties, including their residences, before approval.

Hon. Justice Nwite ordered that they be remanded in a correctional facility pending the fulfilment of their bail conditions and adjourned the case until July 17 and 18 for the trial.

Notore Chemical to delist from NGX after 7 years

The Nigerian Exchange Limited (NGX) has approved Notore Chemical Industries Plc's voluntary delisting from the exchange. Notore Chemical Industries Plc applied to the NGX for the voluntary delisting of its entire 4,030,165,500 ordinary shares from the NGX's daily official list. Notore Chemical Industries Plc has been listed on the Nigerian Stock Exchange (NGX) as an introduction since August 2, 2018. Its delisting will reduce the NGX's market capitalisation by N252 billion.

On November 21, 2024, Notore Chemical Industries Plc notified the Nigerian Exchange Limited (NGX), the investing public, and its stakeholders that the Company had received an offer from Kwararafa Africa Limited, acting on behalf of TY Holdings Limited and Notore Chemical Industries (Mauritius) Limited (collectively, the "Core Shareholders"), to acquire all of Notore's minority shareholders' shares.

The transaction was proposed to be implemented through a Scheme of Arrangement (the "Scheme") between the Company and its shareholders under Section 715 of the Companies and Allied Matters Act 2020 (as amended) and other applicable laws.

CBN Denies Extending BDC Recapitalisation Deadline

The Central Bank of Nigeria (CBN) denied media reports that it had extended the deadline for Bureau De Change (BDC) operators to meet new capital requirements until December 31st.

In a statement issued Wednesday, the bank described the reports as "false" and "misleading," insisting that the official deadline remains June 3rd.

The CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali made the following comments;

“The Central Bank of Nigeria has debunked a news story in circulation suggesting that the Bank has extended the deadline for the recapitalisation of Bureau De Change operators to December 31, 2025.”

“The bank has not granted any such extension beyond the previously communicated deadline of June 3, 2025.”

The CBN urged the general public, media organisations, and concerned Nigerians to verify information via its official communication channels, including its website.

This clarification comes amid rising anxiety in the parallel market following the CBN's February 2024 directive that all BDC operators meet higher capital requirements as part of broad regulatory reforms.

World Bank Sets Nigeria’s 2025 Growth Forecast at 3.6%, Cuts Global Outlook

The World Bank has maintained its projection that Nigeria's economy will grow by 3.6% in 2025 despite lower global growth expectations due to rising trade tensions and widespread economic uncertainty.

The projection was in the bank's Global Economic Prospects report released Tuesday.

It predicted that global growth in 2025 would slow to 2.3%, down 0.4 percentage points from its previous estimate. It cited "higher tariffs and heightened uncertainty" as a "significant headwind" for most economies.

The report stated;

“Growth in Nigeria is forecast to strengthen to 3.6 per cent in 2025 and to an average of 3.8 per cent in 2026–27.”

“Following monetary policy tightening in 2024 to address rapid currency depreciation, inflation is projected to decline gradually.”

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Thank you for reading! Stay tuned next week to be updated with the latest major events from the Nigerian commercial sector.