An FCT High Court on Wednesday admitted the Chairman Board of Directors and Managing Director of the defunct Skye Bank PLC, Tunde Ayeni and Timothy Oguntayo, charged with four counts of money laundering to bail in the sum of N500 million each.
The EFCC charged Ayeni and Oguntayo with N456.6 billion criminal breach of trust.
Justice Valentine Ashi, who admitted the defendants to bail, ordered them to produce two sureties in like sum.
Ashi adjourned the case until May 14.
The Economic and Financial Crimes Commission prosecutor, Abba Muhammed, told the court that the defendants committed the offence between January 1, 2014 to December 31, 2016.
He alleged that the defendants being bankers, entrusted with depositors funds, conspired and criminally breach of trust in the aforementioned sum.
The offence, he added, contravened the provisions of section 96,97 and 315 of the Penal Code Law.