EFCC Re-Arraigns Ex-Skye Bank Chairman Tunde Ayeni Over Alleged N15.3bn Fraud
EFCC Re-Arraigns Ex-Skye Bank Chairman Tunde Ayeni Over Alleged N15.3bn Fraud
The Economic and Financial Crimes Commission (EFCC) disclosed this in a statement on Wednesday, saying Ayeni was brought before Justice H. Mu’azu on an existing 18-count charge bordering on criminal breach of trust, misappropriation and diversion of depositors’ funds.
Former Chairman of defunct Skye Bank Plc, Tunde Ayeni, has been re-arraigned before the Federal Capital Territory (FCT) High Court in Maitama, Abuja, over an alleged N15.39 billion fraud, with his trial scheduled to begin on January 19, 2027.
The Economic and Financial Crimes Commission (EFCC) disclosed this in a statement on Wednesday, saying Ayeni was brought before Justice H. Mu’azu on an existing 18-count charge bordering on criminal breach of trust, misappropriation and diversion of depositors’ funds.
The commission alleged that Ayeni diverted a total of N15,391,093,665 while serving as chairman of the bank, now Polaris Bank Limited. The re-arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the FCT High Court in Apo, where the defendant had previously been arraigned.
Details of the charges highlighted alleged transactions involving billions of naira transferred from the defunct bank’s Suspense Account to accounts belonging to two companies.
Count eight accused Ayeni of directing the transfer of N3.11 billion to Misa Limited’s account with Zenith Bank on November 20, 2014, allegedly in violation of his obligations to the bank.
The charge stated that he “dishonestly misappropriated the aggregate sum of Three Billion One Hundred and Thirteen Million Five Hundred and Forty-Three Thousand Six Hundred and Sixty-Five Naira Forty Two Kobo (N3,113,543,665.42)” by directing the transfer of the funds.
In count nine, the EFCC accused Ayeni of directing the transfer of another N5.07 billion to Greenwich Registrar’s account with Union Bank on December 2, 2014. The commission alleged that the transaction also involved depositors’ funds held in the bank’s Suspense Account.
The charge described the alleged transaction as a criminal breach of trust, contrary to Section 311 and punishable under Section 312 of the Penal Code.
Ayeni pleaded not guilty to all 18 counts when they were read to him in court. Following his plea, prosecution counsel, Abba Muhammed, SAN, requested a date for the commencement of trial.
However, defence counsel, E. Inegedu, SAN, asked the court to retain the bail conditions previously granted to his client in May 2026. He argued that Ayeni had consistently attended court proceedings and complied with the conditions, including the submission of his international passport and provision of sureties.
Responding to the application, Muhammed told the court that the prosecution would leave the decision on the bail conditions to the discretion of the judge. Both parties also acknowledged that Ayeni had attended previous proceedings without any reported breach of his bail conditions.
Justice Mu’azu subsequently adjourned the case until January 19, 2027, for the commencement of trial, when the prosecution is expected to begin presenting its case against the former bank chairman.
