The Economic and Financial Crimes Commission (EFCC) on Thursday, July 16, 2026, re-arraigned former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court in Apo, Abuja, over an alleged N15.6 billion fraud.
Ayeni was re-arraigned before Justice Jude Onwuegbuzie on an amended 18-count charge bordering on criminal breach of trust, misappropriation and diversion of funds.
Thursday’s proceeding marked the third time the former bank chairman has taken his plea in the case. He was first arraigned on May 4, 2026, and re-arraigned on June 22, 2026.
The EFCC alleged that Ayeni diverted depositors’ funds while serving as chairman of the board of the defunct Skye Bank Plc, now Polaris Bank Limited.
One of the charges alleged that on November 20, 2014, Ayeni dishonestly misappropriated N3.11 billion from the bank’s suspense account by directing that the money be transferred to Misa Limited’s account domiciled with Zenith Bank.
The anti-graft agency said the action amounted to a criminal breach of trust in violation of the Penal Code.
In another count, the EFCC accused Ayeni of directing the transfer of N5.08 billion from the bank’s suspense account to Greenwich Registrar’s account with Union Bank on December 2, 2014, alleging that the transaction also constituted criminal breach of trust.
The defendant pleaded not guilty to all 18 counts after they were read in court.
Following the plea, EFCC lead counsel, Abba Muhammed (SAN), informed the court that the prosecution was ready to commence trial and that its first witness was already in court.
However, defence counsel, Olalekan Ojo (SAN), opposed the immediate commencement of proceedings, arguing that the prosecution had not filed the summary of its witness’s statement as required.
Responding, the prosecution maintained that the summary of the witness’s statement had been filed alongside the second amended charge.
In his ruling, Justice Onwuegbuzie held that the prosecution had complied with the necessary legal requirements and consequently adjourned the matter to July 20, 22 and 23, 2026, for continuation of trial.
