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Why ex-Skye Bank officials may bag jail term

Court admits ex-Skye Bank Chairman, MD to bail

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Tunde Ayeni

A former Chairman of the defunct Skye Bank Plc (now Polaris Bank), Tunde Ayeni, and a former Managing Director (MD) of the bank, Timothy Oguntayo have been admitted to bail in the sum of N50 million each.

The Economic and Financial Crimes Commission (EFCC) had filed charges against Ayeni and Oguntayo. The EFCC alleged that the duo were involved in laundering offences amount to about N4.75 billion and $5 million that led to their arraignment between 2014 and 2015, which they pleaded not guilty.

The Charges

The charge filed against the duo rads:

“You, Mr Tunde Ayeni whilst being the Chairman Board of Directors of Skye Bank Plc and Timothy Oguntayo whilst being the Managing Director and Chief Executive of Skye Bank between 2014 and 2015 conspired at different times to do an illegal act.”

The agency said Ayeni received the delivery of the sums of money totalling N4.75 billion and $5 million belonging to Skye Bank Plc contrary to the provisions of Section 1(a) and 18(a) of Money Laundering (Prohibition) Act 2011 (as Amended) and punishable under Section 16(2) (b) of the same Act.

Bail Conditions

On Monday, December 17, 2018, Justice Nnamdi Dimgba of a Federal High Court in Abuja admitted the duo to bail in the sum of N50 million each. Dimgba also ordered the duo to produce two sureties each in like sum.

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In the situation where the duo are unable to perfect their bail conditions within 36 hours, the judge ordered that they would be remanded in Kuje Prison.

He also ordered that if surety was a civil servant, he or she must be on GL 15 and if a private citizen, the person must own landed property in Abuja or Lagos. Dimgba ruled that the sureties must deposit their international passports with the registry of the court.

He later adjourned the matter until February 13 and 14, 2019 for the commencement of trial.

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Prior to this…

Ayeni was chairman of Skye Bank till July 2016 when he was sacked, alongside other board members and management. The bank, in August last year, wrote a petition to the Presidency seeking its assistance in recovering funds Ayeni had improperly obtained as Chairman.

After pumping over N100 billion into the bank, the CBN in September revoked the bank’s operating licence and handed over its assets and liabilities to a bridge bank named Polaris.

The Asset Management Company of Nigeria (AMCON) was also mandated to inject N786  billion into Polaris Bank Limited and subsequently, find a new buyer.

Meanwhile, the Minister of Finance  Zainab Ahmed, in October had tasked Nigerian Deposit Insurance Corporation (NDIC) to investigate the circumstances that led to the collapse of the bank, and stated that all those found guilty would be brought to book.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

1 Comment

1 Comment

  1. Emomine Amagre

    December 19, 2018 at 9:46 am

    Even as the Minister has ordered investigation into the circumstances surrounding the mess in the bank (in fact other banks should be included), the complicity or professional negligence of the Regulators must also be looked into and if any or their staff found wanting should be appropriately sanctioned.

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Energy

Togo, Niger, Benin remit N2.04 billion to Nigeria for power supply

Nigerian Electricity Regulatory Commission says international electricity customers remitted the sum of N2.04billion to Nigeria in three months.

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NERC postpones increase of electricity tariffs

Nigeria’s international electricity customers – Togo, Niger, and Benin, remitted the sum of N2.04billion in the first quarter of 2020, as their outstanding electricity bill to the Market Operator (MO) of the sector in Nigeria.

This was found in the Nigerian Electricity Regulatory Commission 2020 first quarter report, which was released recently.

According to the report, a total of N4.05billion ($13.22million) invoices were issued by the MO to international customers including Societe Nigerienne d’electricite or NIGELEC; Societe Beninoise d’Energie Electrique (SBEE); and Compagnie Energie Electrique du Togo (CEET).

The commission stated that during the quarter, NIGELEC made a payment of ₦1.61billion ($5.27million) as part of its outstanding bills for the energy received from NBET and services rendered by the MO.

It stated, “Similarly, SBEE paid ₦0.43billion ($1.39million) in respect of services received from MO.

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“It was noteworthy that tariff shortfall (represented by the difference between actual end-user tariffs payable by consumers and the cost-reflective rates approved by NERC) had partly contributed to liquidity challenges being experienced in the industry.

“The settlement ratio to the expected Minimum Remittance Thresholds, having adjusted for tariff shortfall, indicated that power distribution companies needed to improve on their performance.”

But

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Special customers like Ajaokuta Steel Co. Ltd and others in its environs did not make any payment in respect of the N0.27billion and N0.05billion invoices issued to them by the Nigerian Bulk Electricity Trading Plc and the MO respectively, during the period under view.

Meanwhile, the power distributors failed to remit N119.88billion to the sector within the same period.

Whereas Discos were expected to make a market remittance of 46.09% during 2020/Q1, only 32.53% settlement rate was achieved within the timeframe provided for market settlement in the Market Rules,” it added.

What it means: The Discos’ remittance level, regardless of the prevailing tariff shortfall, was still below the expected MRT and they are expected to improve on their performances.

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ENDSARS

#EndSARS: Protests may return if panels do not address all issues in 2 weeks – Former Nigerian Minister

Akinyemi says the #EndSARS protesters would return to the streets if their demands are not addressed in two weeks.

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This was disclosed by Professor Bolaji Akinyemi, during a news interview with ARISE TV this afternoon, as he called on the FG to urgently address the issues raised by the protesters, as these issues extend beyond police brutality and the immediate reform of the Nigeria Police force.
He explained during the interview that the current demands of the youths extend beyond basic needs, which remain the core mandate of the present administration.
He likened the #EndSARS protest to the #BlackLivesMatter demonstration and reiterated that demands of the youth extend beyond stomach infrastructure, as it is more of a call for good governance in a bid to address the concrete issues that the country faces.
He called for strategic actions towards combatting the evils of unemployment in Nigeria; called on the military to employ more military men to soak up the unemployment, and also provide security for the country.
On the issue of restructuring, Professor Akinyemi said restructuring is also key to solving the many problems facing the country.
The Professor of Political Science noted that the way forward for Nigeria will be for the government to utilize the Justice Mohammed Uwais report on electoral reforms and the 2014 National Conference report, which he believes addresses the issues confronting Nigerians.
What they are saying
During the interview, Professor Akinyemi said, “I will say and let me believe I am wrong, the judicial panels have just two weeks to address all these issues before the youths come back to the streets. The government should at least give the youths the impression that you have not set up all these panels to buy time, but that you are genuinely and seriously interested in addressing their issues.”
He reiterated the need for the employment of more police officers,
We told the government, because I was part of that conference, that the United Nations said Nigeria needs 1.5 million policemen. We have only about 350,000 and we were recommending that the Nigerian government should employ 750,000 more policemen.”
What we’ve seen in the past two weeks is that we don’t have enough men in uniform to guarantee security in this country if every part of the country decides to blow up. So you serve two purposes – employment and security, and those are things you can do immediately.
“We have just seen how every Governor was scrambling around in the past two weeks; if you allow each state to have its own state police, you wouldn’t have that experience. I have heard of a situation where the streets took over even governance in almost every state. So, restructuring is that you allow things to be done at the local level.”

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Coronavirus

COVID-19: Jason Njoku and wife test positive

iROKOtv CEO and wife have contracted the novel coronavirus.

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Jason Njoku and Wife testes positive to Covid-19

Jason Chukwuma Njoku, the co-founder and CEO of iROKOtv and his wife has tested positive for COVID-19. However, Mrs. Mary Njoku is feeling well.

Jason,  disclosed this via his Twitter handle stating that “My enemies are hard at work in 2020. Mrs. Njoku and I tested positive for Covid-19. I’m not feeling great, but Mary is well. Literally no idea how I caught it. But we shall see this pass too.”

The media mogul did not reveal if his children caught the virus too.

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