The high court of the federal capital territory sitting in Apo, Abuja, on Monday granted bail to former chairman of the defunct Skye Bank Plc, Tunde Ayeni, in the sum of N200 million over an alleged N15.7 billion fraud case.
In a ruling delivered by Justice Jude Onwuzuruike, the court also ordered the defendant, who has been in prison custody since May 4, to provide two sureties in like sum.
The court ruled that the sureties must be federal civil servants and are required to submit their national identity cards as well as letters of employment.
Justice Onwuzuruike further held that the sureties must own landed property valued at N500 million.
In addition, the court directed that one of the sureties must provide an undertaking of a bank guarantee worth N15 billion.
The judge ordered that Ayeni should remain in custody pending the fulfilment of the bail conditions.
However, the court directed officials of the correctional centre to grant the defendant access to his lawyers.
Justice Onwuzuruike dismissed objections raised by the Economic and Financial Crimes Commission against the bail application.
According to the judge, the purpose of bail is to ensure the defendant, who still enjoys the constitutional presumption of innocence, attends trial.
Ayeni had pleaded not guilty after being arraigned on a 17-count charge filed by the EFCC.
The charges border on alleged criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to N15,665,085,429.
The court recalled that Ayeni had earlier, in 2019, pleaded not guilty to a similar charge filed against him alongside Timothy Oguntayo.
Merchant Services & Payment Systems
Following the commencement of trial before Justice Ijeoma Ojukwu of the Federal High Court in Abuja, Ayeni’s legal team, led by Chief Wole Olanipekun (SAN), argued that the transactions investigated by the EFCC were purely commercial in nature.
According to the defence, there had been an understanding between the bank and the defendants, with the approval of the Central Bank of Nigeria obtained by the management of the defunct Skye Bank.
Olanipekun maintained that the dispute “arose out of business transactions that went sour” and argued that the issues could be resolved amicably.
The parties later agreed to settle the matter out of court, a move approved by the trial judge.
The settlement terms were subsequently adopted as the judgment of the court by Justice Ojukwu
The high court of the federal capital territory sitting in Apo, Abuja, on Monday granted bail to former chairman of the defunct Skye Bank Plc, Tunde Ayeni, in the sum of N200 million over an alleged N15.7 billion fraud case.
In a ruling delivered by Justice Jude Onwuzuruike, the court also ordered the defendant, who has been in prison custody since May 4, to provide two sureties in like sum.
The court ruled that the sureties must be federal civil servants and are required to submit their national identity cards as well as letters of employment.
Justice Onwuzuruike further held that the sureties must own landed property valued at N500 million.
In addition, the court directed that one of the sureties must provide an undertaking of a bank guarantee worth N15 billion.
The judge ordered that Ayeni should remain in custody pending the fulfilment of the bail conditions.
However, the court directed officials of the correctional centre to grant the defendant access to his lawyers.
Justice Onwuzuruike dismissed objections raised by the Economic and Financial Crimes Commission against the bail application.
According to the judge, the purpose of bail is to ensure the defendant, who still enjoys the constitutional presumption of innocence, attends trial.
Ayeni had pleaded not guilty after being arraigned on a 17-count charge filed by the EFCC.
The charges border on alleged criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to N15,665,085,429.
The court recalled that Ayeni had earlier, in 2019, pleaded not guilty to a similar charge filed against him alongside Timothy Oguntayo.
Merchant Services & Payment Systems
Following the commencement of trial before Justice Ijeoma Ojukwu of the Federal High Court in Abuja, Ayeni’s legal team, led by Chief Wole Olanipekun (SAN), argued that the transactions investigated by the EFCC were purely commercial in nature.
According to the defence, there had been an understanding between the bank and the defendants, with the approval of the Central Bank of Nigeria obtained by the management of the defunct Skye Bank.
Olanipekun maintained that the dispute “arose out of business transactions that went sour” and argued that the issues could be resolved amicably.
The parties later agreed to settle the matter out of court, a move approved by the trial judge.
The settlement terms were subsequently adopted as the judgment of the court by Justice Ojukwu
