Court Grants Ex-Skye Bank Chairman Tunde Ayeni N200 Million Bail in N15.7 Billion Fraud Trial

The Federal High Court in Lagos has granted former Skye Bank Chairman Tunde Ayeni N200 million bail after 21 days in Kuje Correctional Centre. Ayeni is facing an alleged N15.7 billion fraud charge brought by the Economic and Financial Crimes Commission.

Justice Obiora Egwuatu granted the bail application on Tuesday, ordering Ayeni to provide two sureties in the sum of N100 million each. The sureties must be resident in Lagos State and must not have any prior criminal record.

The EFCC had arraigned Ayeni on multiple counts of fraud relating to his tenure as chairman of the defunct Skye Bank, which was taken over by the Central Bank of Nigeria in 2018 before being acquired by Polaris Bank.

Prosecution’s Objection

The anti-graft agency had opposed the bail application, arguing that Ayeni posed a flight risk given the magnitude of the alleged fraud and his access to financial resources.

EFCC prosecutors told the court that the former bank chairman had connections that could facilitate his escape from justice if released on bail.

However, Ayeni’s defence counsel argued that their client had been cooperative with the investigation and had no history of absconding from court proceedings.

Detention Conditions

Ayeni has been held at the Kuje facility since his arrest three weeks ago. His lawyers had complained about the conditions of his detention, saying the former banker was being held in harsh conditions inappropriate for a first-time offender.

The trial is expected to continue in the coming weeks, with the EFCC set to present its witnesses and evidence against the accused.

Sources: Guardian, ThisDay, Witness