Alleged N456.6billion fraud: Ex-Skye Bank’s Chair, MD, arraigned

Former Chairman of Skye Bank (now Polaris Bank), Tunde Ayeni and the bank’s ex-Managing Director/Chief Executive Officer, Timothy Oguntayo were arraigned on Wednesday before a High Court of the Federal Capital Territory (FCT) in Apo.

They were arraigned on a four-count charge filed against them by the Economic and Financial Crimes Commission (EFCC) in which they are accused of criminal breach of trust and engaging in fraud involving about N456.6billion.

In the charge, the prosecution alleged that the defendants committed the offence between Jan.1, 2014 and Dec. 31, 2016.

It further alleged that the defendants being bankers, entrusted with depositors funds, conspired and criminally breach the trust in the aforementioned sum.

The prosecution equally alleged that in 2014, while being bankers, entrusted with property and depositors’ funds in the Skye Bank Plc’s Suspense Account, the defendants committed criminal breach of trust to the aggregate sum of N456.6 billion.

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

The defendants pleaded not guilty when the charge was read to them on Wednesday.

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

After their arraignment, Ahmed Raji SAN and E.O Akoni SAN), who represented both defendants urged the court to grant them bail.

Trial judge, Justice Valentine Ashi acceded to the defendants’ prayer and admitted them to bail at N500million each, and two sureties in like sum.

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

The judge equally ordered that the defendants be released to their lawyers pending when they will perfect their bail application.