Former Chairman of Skye Bank, Tunde Ayeni, has secured bail from a Federal Capital Territory High Court in his ongoing alleged N15.6 billion fraud trial, despite objections raised by the Economic and Financial Crimes Commission (EFCC). Ayeni, who is facing a 17-count charge, denied all accusations and pleaded not guilty before the court.
Delivering the ruling, Justice Jude Onwuzuruike stated that bail is primarily meant to guarantee a defendant’s appearance during trial, adding that concerns about Ayeni possibly influencing the proceedings were merely speculative. The judge also stressed that every defendant is presumed innocent until proven guilty under the law.
As part of the bail conditions, Ayeni must provide two sureties who are federal civil servants with properties worth N500 million, while one of them is also required to submit a N15 billion bank guarantee undertaking. The case has also renewed discussions around previous claims that the transactions in question were standard commercial banking dealings rather than criminal offences.
