Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission (EFCC) has re-arraigned the former Chairman of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), Tunde Ayeni, before the Federal Capital Territory High Court sitting in Apo, Abuja, over an alleged N15.6 billion fraud. The re-arraignment, which took place on Monday, June 22, 2026, followed the filing of an amended 18-count charge and additional proof of evidence by the anti-graft agency.
Ayeni was first arraigned on May 4, 2026, on a 17-count charge and ordered remanded in a correctional centre. However, the EFCC subsequently amended the charges to 18 counts based on additional evidence gathered during the course of its investigation, prompting the defendant’s re-arraignment on Monday. At the resumed proceedings before Justice Jude Onwuegbuzie, prosecution counsel Abba Muhammed (SAN) informed the court that the amended charge and supplementary proof of evidence had been filed on June 22, 2026. Defence counsel Abdul Mohammed (SAN) confirmed that he had been duly served with the amended charge.
Ayeni pleaded not guilty to all 18 charges when they were read to him. Justice Onwuegbuzie adjourned the matter until July 6, 2026, for the commencement of trial.
The EFCC alleged that Ayeni, while serving as Chairman of the Board of Directors of the defunct Skye Bank Plc, misappropriated depositors’ funds domiciled in the bank’s suspense account. Count three of the charge reads: “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about the 18th of September, 2014 at Abuja within the jurisdiction of this Honourable Court and having dominion over depositors’ funds domiciled in the defunct Skye Bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of Five Hundred and Ten Million Naira (510,000,000) by transferring same to Capital Field Investment Group Limited’s account No:1770125552 domiciled with Skye Bank in violation of the defunct Skye Bank Plc Operational Policy Manual and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of Same Act.”
Count five also alleges that Ayeni, on September 23, 2014, dishonestly misappropriated N600 million from the bank’s suspense account by transferring the funds to Harigold Ventures Limited’s account domiciled with Sterling Bank, also in violation of the bank’s Operational Policy Manual. The EFCC stated that the transfers were made without authorisation and in clear breach of the trust reposed in him as chairman of the bank’s board.
Section 311 of the Penal Code defines criminal breach of trust as the dishonest misappropriation or conversion of property entrusted to a person or over which that person has dominion. The law prescribes imprisonment for a term which may extend to two years, a fine, or both, upon conviction.
Ayeni’s case is one of several high-profile banking fraud cases being prosecuted by the EFCC. In May 2026, he was initially arraigned on 17 counts and remanded in custody. The amended charges, which now total 18, reflect the commission’s ongoing efforts to build a stronger case against the former bank chairman.
The EFCC has reiterated its commitment to ensuring that individuals who abuse positions of trust for personal gain are held accountable. The commission also urged members of the public to remain vigilant and report any suspicious financial activities.
As the case progresses, all eyes will be on the FCT High Court on July 6, 2026, when the trial is scheduled to begin.
📩 Stone Reporters News | 🌍 stonereportersnews.com ✉️ info@stonereportersnews.com | 📘 Facebook: Stone Reporters News | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments