Ex- Skye Bank boss in court for N4.75bn fraud, gets N50m bail

The Economic and Financial Crimes Commission on Monday has arraigned the former Managing Director/CEO of the defunct Skye Bank Plc (now Polaris Bank) Mr. Timothy Oguntayo before Justice Nnamdi Dimgba of the Federal High Court in Abuja, on money laundering charges involving amounting to the sums of N4.75bn and $5m.
The former bank boss was arraigned alongside a former chairman of the bank, Mr. Olatunde Ayeni.
The duo were accused in the eight counts preferred against them of illegally financial transactions to the sums of the bank’s N4.75bn and $5m between 2014 and 2015 in violation of various provisions of the money laundering law.
They pleaded not guilty when the eight counts were read before Justice Dimgba on Monday.
They both pleaded not guilty to the allegations of fraud contained in the eight counts and were granted a bail.
They were accused of committing the alleged offences between 2014 and 2015, pleaded not guilty when the charge was read.
Their lawyers applied for bail on their behalf, applications the judge granted, admitting each of the defendants to bail at N50million each.

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