The Chairman and the Managing Director of the defunct Skye Bank PLC, Tunde Ayeni and Timothy Oguntayo have been arraigned over allegations of criminal breach of trust to the tune of  N456 billion.

They were arraigned on Wednesday before an FCT High Court in Apo by the Economic and Financial Crimes Commission (EFCC) on a four-count charge.

The anti-graft agency alleged that the defendants committed the offence between Jan.1, 2014 and  Dec. 31, 2016.

It was alleged that the defendants being bankers, entrusted with depositors funds, conspired and criminally breached the trust as regards the custody of N456.6 billion.

The offences are said to contravened the provisions of section 96, 97 and 315 of the Penal Code Law.

The defendants, however, pleaded not guilty to the charge when read to them.

Following their pleas of not-guilty, their counsels, , Ahmed Raji (SAN) and E.O Akoni (SAN) applied for their bails.

The trial judge, Justice Valentine Ashi, while admitting them to bail in the sum of N500 million each, further ordered that they produce two sureties in like sum.

The sureties, the judge said, must be resident in Abuja or have landed properties in Abuja.

The judge thereafter adjourned the matter to May 14 for trial.