Court Grants Ex-Skye Bank Chairman Ayeni Bail Despite EFCC Opposition in Fraud Trial
Court Grants Ex-Skye Bank Chairman Ayeni Bail Despite EFCC Opposition in Fraud Trial
In a ruling that has drawn attention to Nigeria’s high-profile financial crime prosecutions, the Federal Capital Territory High Court in Apo, Abuja, on Monday granted bail to Tunde Ayeni, former Chairman of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank), in the sum of N200 million.
Justice Jude Onwuzuruike delivered the ruling despite strong opposition from the Economic and Financial Crimes Commission (EFCC), which had argued that Ayeni should remain in custody.
Ayeni had been remanded at the Kuje Correctional Centre since his arraignment on May 4, 2026.
The EFCC arraigned Ayeni on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ and depositors’ funds totaling N15,665,085,429 (approximately N15.6–15.7 billion).
Specific allegations include:
– Between October 21 and November 19, 2014, Ayeni allegedly dishonestly misappropriated over N3.2 billion from Skye Bank’s suspense account (containing depositors’ funds) by transferring it to accounts belonging to Misa Limited at Zenith Bank, in violation of prudential guidelines and banking regulations.
– Another count accuses him of misappropriating about N5.07 billion on November 27, 2014, transferred from the suspense account to an account of Union Registrars Limited at Union Bank of Nigeria.
Ayeni pleaded not guilty to all counts when the charges were read. His lead counsel, Dele Adesina (SAN), moved for bail, emphasizing the constitutional presumption of innocence.
The prosecution, led by G.I. Inde, opposed the application vigorously. They filed a counter-affidavit arguing that Ayeni posed a flight risk or could interfere with the trial.
Justice Onwuzuruike ruled that the primary purpose of bail is to secure the defendant’s attendance at trial, not to serve as punishment.
He described the EFCC’s concerns about potential influence or interference as “speculative” and insufficient grounds to deny bail.
The judge reiterated the fundamental legal principle that an accused person is presumed innocent until proven guilty.
He granted Ayeni bail in the sum of N200 million with two sureties in like sum.
Bail Conditions (notable for their stringency):
– The sureties must be federal civil servants.
– They must provide their National Identity Cards and letters of employment.
– They must own property valued at not less than N500 million.
– One surety must provide a bank guarantee/undertaking to the tune of N15 billion.
Pending perfection of these conditions, the court directed Kuje Correctional Centre officials to grant Ayeni adequate access to his legal team.
