The High Court of the Federal Capital Territory (FCT), sitting in Apo, has fixed May 25 for ruling on the bail application filed by the former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, who is currently in detention over an alleged N15.665 billion fraud case.
Ayeni was remanded in prison custody on May 4 after pleading not guilty to a 17-count charge bordering on alleged criminal breach of trust, misappropriation, and conversion of investors’ funds.
At the resumed hearing on Wednesday, his counsel, Senior Advocate of Nigeria Dele Adesina, urged the court to grant bail, arguing that his client had already been granted administrative bail by the Economic and Financial Crimes Commission (EFCC) before his detention.
He further argued that the offences were bailable and stressed that the defendant is constitutionally presumed innocent until proven guilty.
However, EFCC counsel G. I. Inde opposed the application, urging the court to refuse bail. The prosecution also filed a counter-affidavit, insisting that the defendant should remain in custody pending trial.
After hearing arguments from both sides, Justice Jude Onwuzuruike adjourned the matter to May 25 for ruling on the bail application.
The EFCC alleges that Ayeni and others were involved in the diversion of ₦15.665 billion belonging to investors in transactions linked to the now-defunct Skye Bank.
The case is one of several legal battles involving the former bank executive, who in an earlier related matter had also pleaded not guilty before the Federal High Court in Abuja.
In that earlier trial, his legal team, led by Senior Advocate Wole Olanipekun, had argued that the disputed transactions were commercial in nature and stemmed from banking arrangements approved by regulators.
That case was later resolved through an out-of-court settlement, which was adopted as judgment of the court.
