An Abuja High Court has admitted a former Chairman of the Board of Directors of Skye Bank Plc, Tunde Ayeni, to bail in the sum of N200 million with two sureties in like sum.
The Economic and Financial Crimes Commission is prosecuting Ayeni on a 17-count charge bordering on alleged N15.6 billion fraud.
Ayeni, however, pleaded not guilty when the charge was read to him.
His counsel, Dele Adesina (SAN), had applied to the court for bail.
Ruling on the application, the trial judge, Justice Jude Onwuzuruike, held that the essence of bail is to ensure the defendant attends trial.
The court noted that the prosecution’s claim that the defendant would influence the trial was speculative and could not justify denying bail.
It further stated that it is trite law that an accused person is presumed innocent until proven guilty.
Justice Onwuzuruike consequently admitted Ayeni to bail in the sum of N200 million with two sureties in like sum.
He added that the two sureties must be federal civil servants and must submit their national identity cards, letters of employment, and evidence of property worth N500 million.
The court also ordered that one of the sureties must provide a bank guarantee of N15 billion.
The court directed the correctional centre authorities to grant the defendant adequate access to his lawyers pending the perfection of his bail conditions.
At the last adjourned date, the court fixed today for ruling on the bail application.
Defence counsel, Dele Adesina (SAN), had earlier urged the court to deliver its ruling immediately or grant a shorter adjournment, but the judge declined, citing a heavy docket.
Adesina had prayed the court to admit the applicant to bail, noting that the anti-graft agency had earlier granted Ayeni administrative bail, which was yet to be perfected before the remand order was issued.
He also argued that the defendant is entitled to the constitutional presumption of innocence.
Prosecution counsel, G.I. Inde, opposed the bail application.
The EFCC had in 2019 previously prosecuted Ayeni and one Timothy Oguntayo on similar allegations, in which both pleaded not guilty to all counts.
Ayeni’s counsel at the time, Wole Olanipekun (SAN), had argued that the transactions under investigation were commercial banking transactions rather than criminal diversion of funds, adding that there was an understanding between the bank and the parties, with approval sought and obtained from the Central Bank of Nigeria.
Olanipekun further submitted that the dispute arose from failed business transactions and maintained that the funds were not unlawfully diverted.
The parties later reached an out-of-court settlement and informed the court accordingly.
At the final sitting, the settlement terms, already approved by the Central Bank of Nigeria before the EFCC investigation were adopted by the court as its judgment, bringing the matter to a conclusion.
