Alleged money laundering: Ex-Skye Bank boss, MD gets N100m bail each

The Federal High Court in Abuja has admitted a former Chairman
of the Board of Directors of the defunct Skye Bank, Tunde Ayeni and
former Managing Director, Timothy Ajani Oguntayo to the sum of
N100m with one surety each in like sum.

Justice Ijeoma Ojukwu granted them bail after the defendants
pleaded not guilty to a 10-count charge bordering on alleged money
laundering brought against them by the EFCC alongside two
companies, Control Dredging and Royaltex Paramount Ventures
Ltd.

Justice Ojukwu in admitting the defendants to bail ordered that
they should produce a surety each who must show evidence of tax
payment from 2016 to 2018.

The judge added that the surety must have a landed property in
Abuja and submitted the documents of such land to the court for
verification, as well as submit two passports.

The court however gave the defendants seven days to perfect
their bail condition, adding that their counsel will be held
responsible should the defendants jump bail.

Ayeni and the others were alleged to have in 2014 as Chairman
and MD of Skye Bank respectively conspired to commit money
laundering by transferring N3 billion from Skye bank suspense
account to the account of Control Dredges domiciled with FCMB.

The defendants were also alleged to have in 2015 while being
Chairman and MD of Skye Bank conspired to commit an offence to
transfer N1.15 billion from the suspense account of the bank to the
account of Royaltex Paramount Ventures domiciled with Skye
Bank.

The EFCC said the alleged offences are contrary to section 16
(2) (b), 18(a) of the Money Laundering Act as amended and
punishable under Section 15 of the Act.

The case has been adjourned to May 27 and 28 for trial.