The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Skye Bank Chairman Tunde Ayeni over an alleged ₦15.39 billion fraud involving the diversion and misappropriation of depositors’ funds.
Ayeni was once the chairman of the Ibadan Electricity Distribution Company (IBEDC) and Vice Chairman of Integrated Energy Distribution and Marketing Limited (IEDM).
Ayeni was re-arraigned on Wednesday, November 11, 2026, before Justice H. Mu’azu of the Federal Capital Territory High Court, Maitama, Abuja, on an existing 18-count charge bordering on criminal breach of trust, misappropriation and diversion of funds.
The re-arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the FCT High Court, Apo, where the defendant had previously been arraigned.
According to the EFCC, the alleged offences involved ₦15,391,093,665 belonging to the defunct Skye Bank, now Polaris Bank.
In counts eight and nine, the commission alleged that Ayeni, while serving as chairman of the bank’s board of directors, unlawfully directed the transfer of billions of naira from the bank’s suspense account to private company accounts.
Specifically, the EFCC alleged that on November 20, 2014, Ayeni directed the transfer of ₦3.113 billion to an account belonging to Misa Limited with Zenith Bank.
The commission further alleged that on December 2, 2014, he directed the transfer of another ₦5.078 billion to Greenwich Registrar’s account domiciled with Union Bank.
The prosecution maintained that the transactions constituted criminal breach of trust and violated the defendant’s contractual obligations to the bank.
However, Ayeni pleaded not guilty to all 18 counts when they were read to him.
Following his plea, prosecution counsel, Abba Muhammed, SAN, urged the court to fix a date for trial.
Defence counsel, E. Inegedu, SAN, subsequently asked the court to retain the bail conditions previously granted to the defendant in May 2026.
Inegedu told the court that Ayeni had consistently attended proceedings and had not breached any of the bail conditions, including the submission of his international passport and provision of sureties.
The prosecution counsel said he would leave the issue of bail to the discretion of the court.
Both parties acknowledged that the defendant had attended previous court 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.
