Abuja- Justice Valentine Ashi of High Court of the Federal Capital Territory sitting in Apo, on Wednesday, admitted the Chairman Board of Directors Tunde Ayeni and Managing Director of the defunct Skye Bank PLC, Timothy Oguntayo, to bail in the sum of N500 million each.
Ayeni and Ogunttayo are being prosecuted by the Federal Government over allegation of money laundering.
The duo are facing a four-count charge.
Specifically, the Economic and Financial Crimes Commission had preferred the charge on both Ayeni and Oguntayo, insisting they used their offices to breach public trust to the tune of N456.6b.
The anti- graft agency further alleged that the defendants being bankers, entrusted with depositors funds, conspired and criminally breach the trust in the aforementioned sum.
The prosecution also alleged that in 2014, while being bankers, entrusted with property and depositors funds in the defunct Skye Bank plc suspense account committed criminal breach of trust to the aggregate sum of N456,. 6 billion.
The offence, he added, contravened the provisions of section 96, 97 and 315 of the Penal Code Law.
In the charge, the prosecution alleged that the defendants committed the offence between Jan.1, 2014 and Dec. 31,2016.
Sequel to their arraignment, the bank chiefs pleaded not guilty to the charge.
After denying the allegation, their counsel, Ahmed Raji SAN and E.O Akoni SAN respectively applied for their bail.
Consequently, Justice Ashi, admitted the defendants to bail, and ordered them to produce two sureties in like sum.
The court ordered the defendants be released to their lawyers pending when they will perfect their bail application.
Justice Ashi also ordered that the sureties must be resident in Abuja or have a landed property in Abuja.
He later adjourned the case until May 14 for trial.