Court Sets Bail Terms for Ayeni in N15.7bn Fraud Case
An Abuja High Court has granted bail of N200 million to former Skye Bank Chairman, Tunde Ayeni, who is standing trial over an alleged N15.7 billion fraud brought by the Economic and Financial Crimes Commission (EFCC).
Ayeni, who faces a 17-count charge linked to the alleged fraud, pleaded not guilty when the charges were read in court.
In his ruling, Justice Jude Onwuzuruike said bail was necessary to ensure the defendant’s presence during trial, noting that claims by the prosecution that Ayeni could influence proceedings were not sufficient to deny him bail. He also restated that every accused person is presumed innocent until proven guilty.
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The court directed that the bail be secured with two sureties in like sum. The sureties must be federal civil servants who will provide valid identity cards, letters of employment and proof of property ownership valued at no less than N500 million.
The judge further ordered that one of the sureties must undertake to provide a bank guarantee of N15 billion.
Pending the fulfilment of these conditions, the court instructed correctional authorities to allow Ayeni proper access to his legal team.
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Defence counsel, Dele Adesina, had earlier urged the court to grant bail without delay, pointing out that the defendant had already been granted administrative bail by the EFCC before a remand order was issued.
Ayeni was previously prosecuted by the EFCC in 2019 alongside Timothy Oguntayo on similar allegations. Both men pleaded not guilty at the time, and the matter was later resolved through an out-of-court settlement approved by the Central Bank of Nigeria and adopted by the court.
