Daily Champion recalls that Omoyeni was arrested in Abuja on Wednesday by detectives of SFU Lagos following a petition by the bank’s management alleging misapplication of N450 million.

The ex-Wema Bank boss regained freedom about 3.45 p.m yesterday after satisfying specified condition at 13 Millverton Road Ikoyi office of SFU.

We learnt that the police at SFU only requested for a surety, who would produce the embattled bank chief whenever needed by the police. A police source at SFU said an unnamed surety secured Omoyeni’s release after interrogation by the commissioner of police."

He said that Omoyeni provided answers to all the questions put to him.

Reacting, Commissioner of Police, in charge of SFU, Mr. Olayinka Balogun confirmed the release, arguing that the case was a bailable one.

"Fraud cases are bailable offences. The suspect is a known person, we believe that he would not run away if we release him to a substantial surety that will produce him if needed to answer more charges," Balogun said.

He further said: "if after investigation, he is found liable, we will charge him to court but right now, we are investigating. He has said his own views and we will go back to the petitioners."

However, at the bank’s head office, Marina, Lagos it was business as usual when our correspondent visited.

Head, Corporate Affairs of the bank, Mr. Tunde Olofintila told our correspondent that "He only visited the police this morning (yesterday) he slept in his house on Wednesday. All other people who accompanied him have returned while Oga went home to rest.

Omoyeni was suspended from office in January 2008 by the Central Bank of Nigeria (CBN) and directed to proceed on an indefinite leave to pave way for investigations against him.

Among the allegations are that he without the approval of the bank’s board, asked for and got N90m housing allowance upfront for five years amounting to N450m and also took advantage of CBN directives to acquire shares of the bank last year."

The examiners sent by CBN however, accused Omoyeni of not allowing them access to investigate the matter and thus recommended his suspension.

He later petitioned President Umaru Musa Yar’Adua, who constituted an independent committee that reinstated him in office before he was arrested.