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N8 Billion Alleged Fraud: EFCC Re-Arraigns Two Ex-Skye Bank Directors




The trial of two former directors of the defunct Skye Bank who alleged hauled N8 billion and $5 million in cash while presiding over the bank resumed in Abuja on Monday.

Tunde Ayeni former chairman of Skye Bank now Polaris Bank and Timothy Oguntayo, former managing director of the same bank were alleged to have caused the physical transfer of the cash against money laundering laws of the country.

The Economic and Financial Crimes Commission, EFCC,re-arraigned the duo before Justice Ijeoma Ojukwu, of a Federal High Court, Abuja, on an eight-count charge bordering on money laundering to the tune of N8 billion.

They were initially arraigned before Justice Nnamdi Dimgba of a Federal High Court, Abuja on December 17, 2018, shortly after which the judge was transferred out of Abuja to the Delta Division of the Court. The case was thus re-assigned to Justice Ojukwu, necessitating the need for their re-arraignment.

They pleaded “not guilty” to the charges read to them.

Wole Olanipekun, SAN lead defence counsel applied that the Court allow the defendants to continue on the bail terms earlier granted them by Justice Dimgba.

Counsel for the EFCC, Suraj Saeda, SAN noted that the defendant had been attending court as expected, and had not jumped bail, adding that, “we have no objection to deny them bail on the condition imposed by Justice Dimgba.”

Justice Dimgba had admitted them to bail in the sum of N50 million with two sureties each in like sum, who may be either civil servants of not less than the rank of Assistant Director or be private business men or professionals provided that one of the sureties is 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, adding that, “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, 2019.

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