Alleged N8 billion Fraud: EFCC re-arraigns ex-Skye Bank chiefs

The Economic and Financial Crimes Commission (EFCC) has
re-arraigned a former Chairman, Board of Directors of Skye Bank Plc
(now Polaris Bank), Tunde Ayeni, and its former Managing Director,
Timothy Oguntayo, for an alleged N8 billion fraud.

The commission disclosed this on Tuesday in a statement by its
spokesperson, Tony Orilade.

It said the duo were arraigned before Justice Ijeoma Ojukwu of a
Federal High Court, Abuja, on an eight-count charge bordering on
money laundering.

The agency said their alleged offence is contrary to section 16,
18 of the Money Laundering Prohibition Act 2011 as amended.

Back Story
The anti-graft agency on December 17, 2018, arraigned both
defendants before Justice Nnamdi Dimgba of the Federal High Court,
Abuja.

The judge later granted them 36 hours to meet their bail
conditions or be remanded in Kuje prison. They were later asked to
go home.

Following the transfer of Mr Dimgba to the Delta Division of the
Court, the case was re-assigned to Justice Ojukwu, necessitating
their re-arraignment.

According to the charges, the duo was accused of committing the
crime between 2014 and 2015.

They were also accused of conspiring to launder N4,750 billion
and $5 million belonging to the bank.

Court Session
According to the statement, they pleaded “not guilty” to the
charges.

The defence counsel, Wole Olanipekun, urged the court to allow
the defendants to continue on the bail terms earlier granted them
by Justice Dimgba.

The counsel for the EFCC, Suraj Saeda, noted that the defendant
had been attending court as expected, and had not jumped bail,

“We have no objection to deny them bail on the condition imposed
by Justice Dimgba,” Mr Saeda said.

Ruling
Justice Dimgba had admitted them to bail in the sum of N50 million
with two sureties each in like sum. The sureties may be either
civil servants of not less than the rank of Assistant Director or
be private businessmen or professionals, provided that one of the
sureties is a civil servant.

The other surety being a private businessman or a professional
must be the owner of a landed property of sufficient value within
Abuja metropolis, excluding the satellite towns,

“Where the two sureties are private businessmen or
professionals, they must show evidence of landed properties of
sufficient value within Abuja metropolis excluding the satellite
towns”.

Justice Ojukwu, thereafter granted them bail as requested and
adjourned to July 2.

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EFCC Arrests Proprietor, Students of Internet Fraud
School

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal
Office, has arrested the proprietor of a Yahoo Yahoo training
school in Lagos, Frank Chinedu.

Chinedu, 22, was arrested alongside eight students of the
unnamed training centre located at 14, Animashaun Street,
Progressive Estate, Ojodu Berger, Lagos, while receiving lectures
in internet fraud activities.
The students are: Ahmed Musa, 24; Desmond Eze, 29; Preye Kingsley,
23; Benjamin Irabor, 21; Benjamin Opah, 19; Akapo Prosper, 22;
Innocent Paul, 20 and Olamide Edun, 20.

The suspected internet fraudsters were arrested under cover on
May 22, 2019, following intelligence reports received by the
Commission about their involvement in alleged criminal
activities.

Items recovered from the suspects at the point of arrest include
nine laptops, 16 mobile phones, an Airtel modem, Orange Wifi and
one Toyota Camry with registration number EPE406FN.
The suspects will soon be charged to court.

Tony Orilade
Ag. Head, Media & Publicity