The Economic and Financial Crimes Commission (EFCC) has arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before Justice Jude Onwuzuruike of the FCT High Court in Apo, Abuja, over alleged multi-billion-naira fraud.
Ayeni, who was arraigned on Monday, May 4, 2026, is facing a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to N15,665,085,429.
Firing proceedings, prosecution counsel, E.E. Iheanacho, SAN, told the court the matter was ready for arraignment and trial, urging that the charges be read to the defendant.
According to the EFCC, the alleged offences were committed in 2014 while Ayeni served as chairman of Skye Bank, a period when the bank later faced regulatory intervention over financial instability before its eventual collapse and transition into Polaris Bank. The anti-graft agency alleges that funds under his control were diverted in violation of banking regulations and fiduciary responsibilities.
One of the charges claims Ayeni misappropriated over N3.2 billion from the bank’s suspense account in October 2014, transferring the funds to accounts linked to Misa Limited. Another count alleges the diversion of N5.07 billion to Union Registrar Limited in November 2014, both in breach of prudential guidelines and relevant laws.
Ayeni pleaded not guilty to all charges. Following his plea, the prosecution sought a trial date and requested that he be remanded in a correctional facility pending trial.
Defence counsel, Ahmed Raji Bashir, SAN, told the court the charges were served on the defendant during a public holiday and appealed for his release either to counsel or back into EFCC custody.
Justice Onwuzuruike adjourned the case to May 13, 2026, for hearing of the bail application and ordered that Ayeni be remanded at the Kuje Correctional Centre pending the court’s decision.
