The Economic and Financial Crimes Commission on Wednesday 11 November 2026 re arraigned Tunde Ayeni, a former Chairman of the defunct Skye Bank, before Justice H. Mu’azu of the Federal Capital Territory High Court in Maitama. The charge alleges fraud amounting to N15,391,093,665.00, that is Fifteen Billion Three Hundred and Ninety One Million Ninety Three Thousand Six Hundred and Sixty Five Naira.
Ayeni was brought before the court again on an existing 18 count charge. The EFCC is prosecuting him for offences that include criminal breach of trust, misappropriation and diversion of funds to the stated sum of N15.3 billion. The fresh arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the FCT High Court in Apo, where Ayeni had earlier been arraigned.
Count eight states that Tunde Ayeni, whilst serving as Chairman of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), on or about 20 November 2014 in Abuja, having dominion over depositors’ funds in the bank’s suspense account, dishonestly misappropriated the sum of N3,113,543,665.42 by directing its transfer to Misa Limited’s account number 1011295717 at Zenith Bank. This is said to be in violation of his contract with the bank and contrary to section 311 of the Penal Code, punishable under section 312 of the same Act.
Count nine alleges that on or about 2 December 2014 in Abuja he similarly misappropriated N5,078,550,000 by directing its transfer to Greenwich Registrar’s account number 0003490559 at Union Bank, again contrary to sections 311 and 312 of the Penal Code.
When the charges were read, the defendant pleaded not guilty. Prosecution counsel Abba Muhammed, SAN, then asked the court to fix a date for trial. Defence counsel E. Inegedu, SAN, urged the court to retain the bail conditions granted to Ayeni in May 2026. He told the court that his client had attended all previous proceedings and had complied with the terms, including the surrender of his international passport and the provision of sureties.
The prosecution left the question of bail to the discretion of the court. Both sides confirmed that Ayeni had attended hearings without any reported breach of his bail terms. Justice Mu’azu adjourned the matter until 19 January 2027 for the commencement of trial.
By John James
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