Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission has re-arraigned the former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, Tunde Ayeni, before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo, Abuja, on an amended 18-count charge over an alleged N15.6 billion fraud. Thursday’s re-arraignment marked the third time Ayeni has taken his plea in court, following earlier arraignments on May 4, 2026, and June 22, 2026, after the commission filed amendments to the charges. The EFCC is prosecuting the former bank chairman on charges bordering on criminal breach of trust, misappropriation, and diversion of funds totalling ₦15.6 billion.
The amended charges accuse Ayeni of diverting billions of naira from Skye Bank’s suspense account in late 2014 while serving as the bank’s chairman. Count eight of the charge sheet alleges that on or about November 20, 2014, Ayeni, having dominion over depositors’ funds domiciled in the defunct Skye Bank’s suspense account, committed criminal breach of trust by dishonestly misappropriating the aggregate sum of N3,113,543,665.42, directing the transfer of same to Misa Limited’s account domiciled with Zenith Bank, in violation of his contract with the defunct Skye Bank Plc. Count nine alleges that on December 2, 2014, he similarly misappropriated the sum of N5,078,550,000 by directing the transfer of same to Greenwich Registrar’s account domiciled with Union Bank. Prosecutors contend that both transactions formed part of the alleged diversion of bank funds for which he is standing trial.
Ayeni pleaded not guilty to all 18 counts when the charges were read to him. Following his plea, prosecution counsel, Abba Muhammed, SAN, informed the court that his team was ready to proceed with the trial and that the First Prosecution Witness was present in court. However, the plea for immediate commencement of trial was opposed by defence counsel, Olalekan Ojo, SAN, who argued that the prosecution had not filed the summary of the witness’s statements. The prosecution responded that the summary of the witness’s statements was filed alongside the second amended charge. Justice Onwuegbuzie resolved the matter, holding that the prosecution had complied with the necessary requirements, and adjourned the matter till July 20, 22, and 23, 2026, for continuation of trial.
The allegations against Ayeni date back several years and are linked to the financial collapse of the former Skye Bank. Following the Central Bank of Nigeria’s intervention in Skye Bank in 2016, the lender’s previous management, including Ayeni and former managing directors, came under scrutiny over allegations of financial mismanagement. At the time, reports indicated that the bank sought to recover funds allegedly diverted under the previous leadership after the CBN removed the bank’s management and injected financial support to stabilise its operations. Ayeni was also questioned by the EFCC in 2016 during investigations connected to former Minister of the Federal Capital Territory, Bala Mohammed.
The EFCC is prosecuting Ayeni on 18 charges of criminal breach of trust, misappropriation, and diversion of funds. The anti-graft agency stated that one of the charges alleged that Ayeni, while serving as chairperson of the board of the defunct Skye Bank Plc, directed the transfer of N3.11 billion from the bank’s suspense account to Misa Limited’s account with Zenith Bank in November 2014. Another charge alleged that he directed the transfer of about N5 billion from the bank’s suspense account to Greenwich Registrars’ account with Union Bank in December 2014. The commission alleged that the two transactions amounted to criminal breach of trust and were punishable under the Penal Code.
The serial re-arraignment of the defendant on the same charges followed the EFCC’s repeated amendments of the charges. The EFCC first arraigned Ayeni on May 4, 2026, on a 17-count charge, after which the court remanded him in prison pending the determination of his bail application. The commission later amended the charge to 18 counts, supported by additional proof of evidence, leading to the June 22 re-arraignment. Thursday’s proceedings marked the third time Ayeni has entered his plea to the charges. The trial is set to continue on July 20, 22, and 23, 2026, with the prosecution expected to present its case and call its first witness.
The case forms part of the EFCC’s ongoing prosecution of the former bank chairman over alleged financial crimes linked to his time at the helm of the now-defunct lender. Ayeni, a businessman and lawyer who once chaired the board of Skye Bank, is facing prosecution over allegations that he unlawfully diverted depositors’ funds while leading the bank. The outcome of the trial is expected to have significant implications for the banking sector and the fight against financial crimes in Nigeria.
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