Alleged money laundering: Court admits two Skye Bank executives to N500m bail each

An FCT High Court on Wednesday admitted the chairman Board of directors and Managing Detector of the defunct Skye Bank, Tunde Ayeni and Timothy Oguntayo , charged with four counts of money laundering, to bail in the sum of N500 million each. The EFCC charged Ayeni and Oguntayo with N456. 6 billion criminal breach of trust.

Justice  Valentine Ashi, who admitted the defendants to bail,  ordered them to produce two sureties in like sum. She adjourned the case until May 14.
The Economic and Financial Crimes Commission (EFCC) prosecutor, Abba  Muhammed, told the court that the defendants committed the offence  from January 1, 2014 to December 31,2016.

He  alleged that the defendants being bankers, entrusted with depositors funds,  conspired  and criminally breach of trust in the aforementioned sum. Mohammed also said that in 2014, while being bankers, entrusted with property and depositors funds in the defunct Skye Bank plc suspense account committed criminal breach of trust to the aggregate sum of N456,. 6 billion. The offence, he added, contravened the provisions of section 96,97 and 315 of the Penal Code Law.