Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission has arraigned a former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, before a Federal Capital Territory High Court in Apo, Abuja, on a 17‑count charge bordering on criminal breach of trust, misappropriation, and conversion of investors' funds totalling N15,665,085,429 (Fifteen Billion, Six Hundred and Sixty‑five Million, Eighty‑five Thousand, Four Hundred and Twenty‑nine Naira). The anti‑graft agency brought the former bank chief before Justice Jude Onwuzuruike on Monday, May 4, 2026, marking the latest in a series of high‑profile prosecutions targeting the executives of defunct banks whose reckless lending and outright theft contributed to Nigeria’s banking crises over the past decade.
Prosecution counsel E. E. Iheanacho, a Senior Advocate of Nigeria, informed the court that the matter was slated for arraignment and that the prosecution was fully ready for trial. “We have before the court a 17‑count charge dated April 28, 2026. We humbly apply that the charge be read to the defendant,” Iheanacho said. The court granted the request, and the charges were read aloud to Ayeni, who stood in the dock. When asked for his plea, the former bank chairman responded “not guilty” to each of the 17 counts.
The details of the charges paint a picture of a bank insider allegedly using his position to divert depositor funds through a web of corporate accounts. Count three of the charge reads that Ayeni, whilst being Chairman of the Board of Directors of the defunct Skye Bank Plc between October 21, 2014 and November 19, 2014, within the jurisdiction of the court, having dominion over depositors’ funds domiciled in the bank’s suspense account, committed criminal breach of trust when he dishonestly misappropriated the aggregate sum of N3,201,535,429.42 by transferring the amount to Misa Limited’s accounts numbered 1011295717 and 1011295718 domiciled with Zenith Bank. The prosecution alleges that this transfer violated Prudential Guidelines and other banking regulations, an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.
Count five details a second massive diversion: on or about November 27, 2014, Ayeni allegedly transferred another N5,078,550,000 from the bank’s suspense account to Union Registrar Limited’s account numbered 0003490559 domiciled with Union Bank, again in violation of banking regulations. The remaining counts cover a series of similar transactions funneled through various corporate entities, all allegedly orchestrated by Ayeni while he chaired the board of the troubled bank. In total, the EFCC has traced N15.66 billion in misappropriated funds.
After Ayeni’s not‑guilty plea, prosecution counsel Iheanacho prayed the court for a trial date and urged the judge to remand the defendant in a correctional centre pending the determination of the case. However, defence counsel Ahmed Raji Bashir, also a Senior Advocate of Nigeria, informed the court that the charge was served on the defendant on a public holiday, a fact he said he considered imperative to place before the court. He prayed the court to release the defendant to him or alternatively to return him to the custody of the EFCC rather than a regular prison.
Justice Jude Onwuzuruike, after listening to both sides, adjourned the matter to May 13, 2026, for the hearing of the bail application. In the meantime, he ordered that the defendant be remanded at the Kuje Correctional Centre pending the determination of the bail application. The decision means Ayeni will remain in custody until at least May 13, when his legal team will formally argue for his release on bail.
Tunde Ayeni is a well‑known figure in Nigeria’s banking and corporate landscape. He served as Chairman of Skye Bank Plc during a period of significant turbulence for the financial institution. Skye Bank was eventually taken over by the Central Bank of Nigeria in 2016 and later converted into Polaris Bank due to a combination of poor corporate governance, non‑performing loans, and insider abuse. The EFCC’s latest charges are part of a broader post‑mortem investigation into the collapse of Skye Bank and other distressed banks, which left taxpayers to foot the bill for bailouts while bank insiders allegedly walked away with billions.
The arraignment follows months of investigation by the EFCC’s special task force on bank fraud. Sources at the anti‑graft agency told Stone Reporters News that the commission had gathered extensive documentary evidence, including bank statements, board minutes, and sworn testimonies from former bank staff, linking Ayeni directly to the suspicious transfers. The commission has also traced some of the diverted funds to real estate acquisitions and investments in foreign assets, though those aspects are not yet part of the current charge sheet.
Reactions from civil society groups have been mixed. Some activists have welcomed the prosecution as evidence that the EFCC is finally holding powerful individuals accountable for the collapse of financial institutions. Others, however, have expressed concern about the slow pace of justice, noting that Skye Bank was taken over nearly a decade ago and that many of the key players have yet to face trial. The Banking, Finance and Insurance Staff Association of Nigeria issued a statement commending the EFCC but called for the prosecution of all board members and senior executives who were complicit in the bank’s mismanagement.
Ayeni’s legal team has maintained that the charges are unfounded and that the former bank chairman will be fully vindicated at trial. In a brief comment after the court session, Bashir told reporters that the defence would file a robust bail application and would also challenge the validity of some of the charges. He declined to provide further details, citing the sub judice nature of the case.
As the case moves toward trial, the Kuje Correctional Centre will hold one of the country’s most prominent banking figures. The May 13 bail hearing is expected to draw significant attention from the media and the financial community. For depositors and small shareholders who lost money in the Skye Bank collapse, the arraignment offers a rare moment of hope that justice may finally be served.
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