EFCC arraigns ex-Skye Bank chairman, Tunde Ayeni, MD over N456.6b fraud

Tunde Ayeni

Former Chairman of Skye Bank (now Polaris Bank), Tunde Ayeni, has been arraigned in a High Court of the Federal Capital Territory (FCT) in Apo.

A former Managing Director/Chief Executive Officer of the bank, Timothy Oguntayo, was also arraigned on Wednesday.

They are facing four-count charge of criminal breach of trust and engaging in fraud of about N456.6billion.

The duo pleaded not guilty to the charges.

The Economic and Financial Crimes Commission (EFCC) says the accused committed the offence between January 1, 2014 and December 31, 2016.

The prosecution also alleged that the defendants being bankers, entrusted with depositors’ funds, conspired and criminally breached the trust in the aforementioned sum.

The offence, according to the prosecution, contravened the provisions of section 96, 97 and 315 of the Penal Code Law.

The presiding judge, Justice Valentine Ashi, granted them bail in the sum of N500million each, and two sureties in like sum.

Justice Ashi ordered that the sureties must be resident in Abuja or has a landed property in Abuja.

The judge also ruled that the defendants be released to their lawyers pending when they meet their bail application.

The case was adjourned till May 14 for trial.

Messrs Ayeni and Oguntayo are already being tried before the Federal High Court, Abuja on a different charge.