ALLEGED N8B FRAUD::EFCC RE-ARRAIGNS EX-SKY BANK CHIEFS

Alleged N8 billion Fraud: EFCC re-arraigns ex-Skye Bank chiefs

May 28, 2019Kunle Sanni

Former Skye Bank Chairman, Tunde Ayeni Detained By EFCC ___

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The Economic and Financial Crimes Commission (EFCC) has re-arraigned a former Chairman, Board of Directors of Skye Bank Plc (now Polaris Bank), Tunde Ayeni, and its former Managing Director, Timothy Oguntayo, for an alleged N8 billion fraud.
The commission disclosed this on Tuesday in a statement by its spokesperson, Tony Orilade.
It said the duo were arraigned before Justice Ijeoma Ojukwu of a Federal High Court, Abuja, on an eight-count charge bordering on money laundering.
The agency said their alleged offence is contrary to section 16, 18 of the Money Laundering Prohibition Act 2011 as amended.

Back Story

The anti-graft agency on December 17, 2018, arraigned both defendants before Justice Nnamdi Dimgba of the Federal High Court, Abuja.
The judge later granted them 36 hours to meet their bail conditions or be remanded in Kuje prison. They were later asked to go home.
Following the transfer of Mr Dimgba to the Delta Division of the Court, the case was re-assigned to Justice Ojukwu, necessitating their re-arraignment.
According to the charges, the duo was accused of committing the crime between 2014 and 2015.
They were also accused of conspiring to launder N4,750 billion and $5 million belonging to the bank.

Court Session

According to the statement, they pleaded “not guilty” to the charges.
The defence counsel, Wole Olanipekun, urged the court to allow the defendants to continue on the bail terms earlier granted them by Justice Dimgba.

The counsel for the EFCC, Suraj Saeda, noted that the defendant had been attending court as expected, and had not jumped bail,
“We have no objection to deny them bail on the condition imposed by Justice Dimgba,” Mr Saeda said.

Ruling

Justice Dimgba had admitted them to bail in the sum of N50 million with two sureties each in like sum. The sureties may be either civil servants of not less than the rank of Assistant Director or be private businessmen or professionals, provided that one of the sureties is a civil servant.
The other surety being a private businessman or a professional must be the owner of a landed property of sufficient value within Abuja metropolis, excluding the satellite towns,
“Where the two sureties are private businessmen or professionals, they must show evidence of landed properties of sufficient value within Abuja metropolis excluding the satellite towns”.

Justice Ojukwu, thereafter granted them bail as requested and adjourned to July 2.