The Economic and Financial Crimes Commission (EFCC) on March 6, 2019, arraigned Tunde Ayeni, a former Chairman, Board of Directors, Skye Bank Plc, before Justice Valentine Ashi of a Federal Capital Territory, FCT High Court, Apo on a four-count charge, bordering on criminal breach of trust to the tune of N4,597,500,000.

Mr Ayeni was arraigned along with Timothy Oguntayo, for allegedly conspiring at different times to fraudulently divert depositors’ funds domiciled at Skye Bank Plc to personal use.

One of the counts reads: “That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc and Timothy Ajani Oguntayo, while being the Managing Director, MD of the defunct Skye Bank Plc on or about October 16, 2014 at Abuja within the jurisdiction of this Honourable Court, whilst being bankers entrusted with property, to wit: depositors’ funds in the defunct Skye Bank Plc’s Suspense Account, committed criminal breach of trust in respect of the sum of N1,000,000,000 (One Billion Naira) and thereby committed an offence contrary to and punishable under Section 315 of the Penal Code.”

They pleaded “not guilty” to the charges.

The counsel to the first defendant, Dele Adesina, who held brief for the lead counsel, Wole Olanipekun, informed the court of their pending bail application, which was served on the prosecution on December 13, 2018.

The counsel to the second defendant, Oyetola Oshobi, also made a similar application.

The trial judge, thereafter, admitted them to bail in the sum of N500 million with two sureties each in like sum, who must be resident in Abuja, and must own a landed property “of sufficient value”, within Abuja metropolis.

The matter was, thereafter, adjourned to May 14, 2019, for “commencement of trial.”