EFCC Arraigns Fmr Sky Bank MD, Chair Over N4.75bn, $5mn Fraud

The Economic and Financial Crime Commission has arraigned Tunde Ayeni and Timothy Oguntayo, former Chairman and Managing Director of Skye Bank Plc (now Polaris Bank) over involvement in alleged money laundering offences of about N4.75billion and $5million.

They were arraigned before Justice Nnamdi Dimgba of the Federal High Court, Abuja, on Monday on an eight-count charge levied against them by the anti-graft agency.

Their defense counsel however, applied for bail on their behalf, the judge granted the application, admitting each of the defendants to forfeit N50million each as bail bond.

Details later…