A High Court of the Federal Capital Territory in Apo, Abuja, has granted bail to former chairman of the defunct Skye Bank Plc, Tunde Ayeni, in an alleged N15.7 billion fraud case.
Delivering the ruling on Monday, Justice Jude Onwuzuruike fixed the bail at N200 million and ordered Ayeni to provide two sureties in the same amount.
The court stated that the sureties must be federal civil servants who will provide valid national identity cards and letters of employment.
Justice Onwuzuruike also ruled that the sureties must own landed properties valued at N500 million. In addition, one of the sureties is expected to provide an undertaking for a bank guarantee worth N15 billion.
Ayeni, who has remained in custody since May 4, was ordered to stay in prison until all bail conditions are met.
The judge, however, directed correctional officials to allow the defendant access to his lawyers while in custody.
The court dismissed objections raised by the Economic and Financial Crimes Commission against the bail application, noting that bail is meant to guarantee the defendant’s appearance in court while preserving his constitutional right to be presumed innocent.
Ayeni pleaded not guilty to a 17-count charge filed by the EFCC, bordering on alleged criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to N15,665,085,429.
The court also recalled that Ayeni had earlier faced a similar charge in 2019 alongside Timothy Oguntayo before the Federal High Court in Abuja.
During the earlier trial before Justice Ijeoma Ojukwu, Ayeni’s counsel, Chief Wole Olanipekun (SAN), argued that the transactions investigated by the EFCC were commercial dealings approved by the management of the defunct Skye Bank and the Central Bank of Nigeria.
The defence maintained that the dispute arose from business transactions that later turned problematic and could be resolved amicably.
Both parties later agreed to an out-of-court settlement, which was adopted as the judgment of the court by Justice Ojukwu.
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