BREAKING: Skye Bank’s ex-chairman, Tunde Ayeni, ex-MD arraigned for money laundering, granted N50m bails

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The Economic and Financial Crimes Commission on Monday arraigned before the Federal High Court in Abuja, a former Chairman of the defunct Skye Bank Plc (now Polaris Bank), Mr. Tunde Ayeni, and a former Managing Director of the bank, Mr. Timothy Oguntayo.

The duo were arraigned on money laundering charges involving the sums of N4.75bn and $5m which they were accused of illegally transacting with between 2014 and 2015.

They both pleaded not guilty to the allegations of fraud contained in the eight counts filed against them by the EFCC. Justice Nnamdi Dimgba, upon requests by defence lawyers, granted N50m bail to each of the defendants.

Details later…