Court Grants Tunde Ayeni N200 million Bail in Alleged N15.7 billion Fraud

A High Court in the Federal Capital Territory has granted bail of N200 million to former Skye Bank Plc board chairman Mr Tunde Ayeni in connection with an alleged N15.6 billion fraud case brought by the Economic and Financial Crimes Commission (EFCC).

Ayeni faces 17 counts of fraud. He pleaded not guilty to all charges, and his lawyer, Mr Dele Adesina, SAN, applied for bail. The prosecution, represented by Mr G.I. Inde, opposed the request.

Justice Jude Onwuzuruike ruled on Monday that Ayeni may be released on bail of N200 million with two sureties each contributing the same amount. The court emphasized that bail’s purpose is to ensure the defendant’s appearance at trial and rejected the prosecution’s speculative claim that Ayeni might influence proceedings.

Conditions for bail include that both sureties be federal civil servants, submit national identification cards, letters of employment, and prove ownership of property worth at least N500 million. One surety must also provide a bank guarantee of N15 billion. The court ordered correctional officers to allow Ayeni adequate access to his lawyers while bail conditions are finalized.

EFCC had previously tried Ayeni and Timothy Oguntayo in 2019 over similar allegations; both pleaded not guilty. Ayeni’s counsel, Wole Olanipekun, SAN, argued that the disputed transactions were commercial and banking in nature, not criminal diversions, and that the bank had obtained Central Bank of Nigeria approval for the arrangements.

Olanipekun stated that the dispute arose from failed business transactions and could be resolved amicably. He maintained that the funds were part of legitimate banking operations. After the parties reached an out‑of‑court settlement, the terms—already approved by the Central Bank—were presented to the court at the final sitting.