Tunde Ayeni, the former Chairman of Skye Bank (now Polaris Bank), and Timothy Oguntayo, the bank’s former Managing Director/Chief Executive Officer, were arraigned before an Abuja High Court on Wednesday.

They are standing trial on a four-count charge on allegations of fraud amounting to the sum of N456.6billion.

According to the charge, the offences were committed between January 2014 and December 2016, and involved depositors’ funds.

The offences contravene the provisions of section 96, 97 and 315 of the Penal Code Law.

They, however, pleaded not guilty.

Meanwhile, Ayeni and Oguntayo are already standing trial on different charges before the Federal High Court in Abuja.

Ahmed Raji (SAN) and E.O. Akoni (SAN), counsel for the defendants, appealed to the court for bail. In response, Justice Valentine Ashi granted the request and admitted them to bail in the sum of N500million each, and two sureties in like sum.

The sureties must resident in Abuja or have landed property in Abuja.

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