The High Court of the Federal Capital Territory sitting in Apo on Monday granted bail to former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, in the sum of N200 million.
In a ruling delivered by Justice Jude Onwuzuruike, the court ordered Ayeni, who has been in custody since May 4, to provide two sureties with the same financial value.
The judge stated that the sureties must be federal civil servants and are required to submit valid national identity cards along with letters confirming their employment. The court also directed that both sureties must possess landed property valued at not less than N500 million.
Additionally, the court ruled that one of the sureties must provide an undertaking backed by a bank guarantee worth N15 billion.
Justice Onwuzuruike held that Ayeni would remain in prison custody until all bail conditions are fully met. However, the court instructed correctional authorities to allow the defendant access to his legal representatives.
The court dismissed objections raised by the Economic and Financial Crimes Commission against the bail application, maintaining that bail exists primarily to ensure that an accused person, who is presumed innocent under the law, appears for trial.
Ayeni had earlier pleaded not guilty after being arraigned on a 17-count charge filed by the EFCC.
The charges involve allegations of criminal breach of trust, misappropriation, and diversion of investors’ funds amounting to over N15.6 billion.
The court recalled that Ayeni had previously faced a similar case in 2019 alongside Timothy Oguntayo.
During proceedings before Justice Ijeoma Ojukwu of the Federal High Court in Abuja, Ayeni’s legal team, led by Chief Wole Olanipekun, argued that the transactions under investigation were purely commercial in nature.
According to the defence, the transactions were carried out with the knowledge and approval of the Central Bank of Nigeria and arose from business dealings that later became problematic.
Olanipekun further argued that the matter could be resolved amicably, leading both parties to agree to an out-of-court settlement, which was later adopted as a judgement by the trial court.