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.

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