Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission (EFCC) on Monday, 6 July 2026, formally opened its case against Tunde Ayeni, former Chairman of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), by presenting its first prosecution witness before the Federal Capital Territory High Court in Apo, Abuja. Ayeni is standing trial before Justice Jude Onwuegbuzie on an amended 18-count charge bordering on alleged criminal breach of trust, misappropriation, and diversion of depositors' funds totaling N15.6 billion. The proceedings marked the commencement of the trial following the defendant's re-arraignment on 22 June 2026, after the anti-graft agency filed an amended charge supported by additional proof of evidence.
At Monday's sitting, the prosecution counsel, Abba Muhammed (SAN), called the commission's first prosecution witness (PW1), who briefly identified himself as Remigus Ugwu, a staff member of Zenith Bank Plc. The witness's testimony is expected to provide critical evidence in the commission's case against the former bank chairman. After the brief testimony, Justice Onwuegbuzie adjourned the case until 16 July 2026 for the continuation of the trial.
The charges against Ayeni stem from allegations that he, while serving as Chairman of Skye Bank's Board of Directors, had control over depositors' funds and allegedly diverted various sums in breach of the bank's operational policies. Two of the counts in the amended charge provide detailed accounts of the alleged fraudulent transactions. One of the charges alleged that Ayeni, on or about 18 September 2014, dishonestly misappropriated N510 million from depositors' funds domiciled in the bank's suspense account by transferring the money to Capital Field Investment Group Limited's account, a transaction the EFCC said violated the bank's Operational Policy Manual. Another charge alleged that Ayeni, on 23 September 2014, misappropriated N600 million from the same suspense account by transferring the funds to Harigold Ventures Limited's account with Sterling Bank, also in violation of the bank's internal policies.
The EFCC has accused Ayeni of committing offences contrary to Section 311 of the Penal Code and punishable under Section 312 of the same law. The commission alleged that the offences involved criminal breach of trust, misappropriation, and diversion of funds amounting to ₦15.6 billion. Ayeni pleaded not guilty to all 18 counts when the charges were read to him during his re-arraignment.
The case has a procedural history dating back to 4 May 2026, when Ayeni was first arraigned before the court on a 17-count charge. The EFCC subsequently filed an amended charge on 22 June 2026, increasing the number of counts from 17 to 18 and introducing additional proof of evidence. Prosecution counsel Abba Muhammed (SAN) informed the court that the amended charge and additional evidence were filed on 22 June 2026, while defence counsel Abdul Mohammed (SAN) confirmed receipt of the documents. At the re-arraignment, Justice Onwuegbuzie had adjourned the matter until 6 July 2026 for the commencement of the trial, which has now begun with the testimony of the first prosecution witness.
The EFCC's case against Ayeni is one of several high-profile prosecutions targeting former bank executives and public officials accused of financial crimes. The commission has intensified its asset recovery and prosecution efforts in recent years, with a focus on holding individuals accountable for the misappropriation of depositors' funds and other financial malfeasance. The trial of Tunde Ayeni, a prominent figure in Nigeria's banking sector, is expected to attract significant public and regulatory attention as it unfolds. The outcome of the case could have far-reaching implications for corporate governance and accountability in Nigeria's financial services industry, sending a clear signal that bank executives who abuse their positions of trust will face the full weight of the law. The case is set to continue on 16 July 2026, when the EFCC is expected to present further evidence and witnesses to substantiate its allegations against the former Skye Bank chairman.
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