An Abuja High Court on Monday granted bail to a former Chairman of the Board of Directors of Skye Bank Plc, Tunde Ayeni, in the sum of N200 million over an alleged N15.7 billion fraud suit instituted by the Economic and Financial Crimes Commission( EFCC) .

Ayeni is facing a 17-count charge bordering on alleged fraud amounting to N15.6 billion. He pleaded not guilty when the charges were read before the court.

Trial judge, Justice Jude Onwuzuruike, granted the defendant bail with two sureties in like sum after hearing arguments from defence counsel, Dele Adesina.

In his ruling, the judge held that the primary essence of bail is to ensure the defendant’s attendance during trial proceedings.

Justice Onwuzuruike noted that the prosecution’s claim that Ayeni could influence the trial was speculative and insufficient to deny him bail.

He further reiterated the constitutional principle that every accused person is presumed innocent until proven guilty.

The court ordered that the two sureties must be federal civil servants who would submit their national identity cards, letters of employment and evidence of property ownership valued at not less than N500 million.

The judge also directed that one of the sureties must provide an undertaking for a bank guarantee to the tune of N15 billion.

Pending the perfection of the bail conditions, the court directed officials of the correctional centre to grant Ayeni adequate access to his legal team.

At the previous sitting, Adesina had urged the court to either deliver its ruling immediately or grant a shorter adjournment, arguing that the defendant had already been granted administrative bail by the EFCC.

The senior advocate further informed the court that efforts to perfect the administrative bail were interrupted after the court issued a remand order.

He maintained that Ayeni was entitled to the constitutional presumption of innocence until proven otherwise.

Ayeni had earlier faced prosecution by the EFCC in 2019 alongside Timothy Oguntayo over similar allegations. Both defendants had then pleaded not guilty to all charges.

The parties subsequently reached an out-of-court settlement, which was adopted by the court as its judgment after the terms received approval from the Central Bank of Nigeria, effectively bringing the earlier case to a close.