By Bolanle Olabimtan

A high court of the Federal Capital Territory (FCT) in Apo has fixed May 25 to rule on a bail application filed by Tunde Ayeni, former chairman of the defunct Skye Bank board, who is facing trial over an alleged N15.6 billion fraud.

Ayeni was remanded in prison custody on May 4 after pleading not guilty to a 17-count charge bordering on alleged criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to N15,665,085,429.

Count three of the charge alleged that Ayeni, while serving as chairman of the board of Skye Bank, dishonestly misappropriated N3.2 billion from the bank’s suspense account between October 21 and November 19, 2014.

The EFCC alleged that the funds were transferred into two accounts belonging to Misa Limited, domiciled with Zenith Bank, in violation of prudential guidelines and other banking regulations.

In count five, the anti-graft agency accused Ayeni of allegedly misappropriating another N5.07 billion from depositors’ funds on November 27, 2014.

The prosecution alleged that the money was transferred from Skye Bank’s suspense account into an account belonging to Union Registrars Limited domiciled with Union Bank of Nigeria, contrary to banking regulations.

According to the charge, the alleged offences are contrary to section 311 of the penal code and punishable under section 312 of the same law.

At the resumed proceedings on Wednesday, Dele Adesina, counsel to Ayeni, urged the court to grant his client bail pending the determination of the case.

Adesina, a senior advocate of Nigeria (SAN), told the court that the defendant had earlier been granted administrative bail by the Economic and Financial Crimes Commission (EFCC) before the remand order was made.

He argued that the offences were bailable and stressed that Ayeni remained entitled to the constitutional presumption of innocence.

The lawyer said administrative bail was already in the process of being perfected before the court ordered his client’s remand.

However, G.I. Inde, counsel to the EFCC, opposed the application, urging the court to deny Ayeni bail.

The prosecution said it filed a 23-paragraph counter-affidavit, accompanied by an exhibit, to justify why the defendant should remain in custody.

After hearing arguments from both parties, Jude Onwuzuruike, the presiding judge, adjourned the matter till May 25 for ruling.

Ayeni had previously faced a similar prosecution in 2019 alongside Timothy Oguntayo at the federal high court in Abuja.

At the time, Wole Olanipekun, then counsel to Ayeni, argued that the transactions investigated by the EFCC were commercial in nature and had received approval from the Central Bank of Nigeria.

Olanipekun had told the court that the dispute arose out of business transactions that went sour and was capable of amicable resolution.

Source: The Cable