The Economic and Financial Crimes Commission (EFCC), on Monday, arraigned a former Chairman of the defunct Skye Bank Plc (now Polaris Bank), Tunde Ayeni, and a former Managing Director of the bank, Timothy Oguntayo, before the Federal High Court in Abuja,
The duo were arraigned on money laundering charges involving the sums of N4.75bn and $5m which they were accused of illegally transacting with between 2014 and 2015.
They both pleaded not guilty to the allegations of fraud contained in the eight counts filed against them by the EFCC.
Justice Nnamdi Dimgba, upon requests by defence lawyers, granted a bail of N50m to each of the defendants.
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