The Economic and Financial Crimes Commission (EFCC) on Thursday re-arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory (FCT) High Court in Apo, Abuja, over an alleged N15.6 billion fraud.
Ayeni was re-arraigned before Justice Jude Onwuegbuzie on an amended 18-count charge bordering on alleged criminal breach of trust, misappropriation and diversion of depositors’ funds.
The latest arraignment marks the third time the former bank chairman has taken his plea in the case, having first been arraigned on May 4, 2026, and re-arraigned on June 22, 2026 following amendments to the charges.
The EFCC alleged that while serving as Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, Ayeni unlawfully diverted and misappropriated depositors’ funds amounting to N15.6 billion.
According to one of the charges, the defendant allegedly, on November 20, 2014, dishonestly transferred N3.11 billion from the bank’s suspense account to the account of Misa Limited domiciled with Zenith Bank, in violation of his fiduciary obligations.
Another count alleged that on December 2, 2014, Ayeni directed the transfer of N5.08 billion from the same suspense account to the account of Greenwich Registrars with Union Bank, an act the prosecution said constituted criminal breach of trust.
The anti-graft agency maintained that the alleged offences contravened Sections 311 and 312 of the Penal Code.
Ayeni pleaded not guilty to all 18 counts when they were read to him.
Following the plea, EFCC’s lead counsel, Abba Muhammed, SAN, informed the court that the prosecution was ready to commence trial and that its first witness was already in court to testify.
However, defence counsel, Olalekan Ojo, SAN, opposed the immediate commencement of proceedings, arguing that the prosecution had not served the defence with the summary of the witness’s statements.
Responding, the prosecution insisted that the witness statement summary had been filed together with the second amended charge.
In his ruling, Justice Onwuegbuzie held that the prosecution had complied with the required legal procedures and subsequently adjourned the matter to July 20, 22 and 23, 2026, for the continuation of trial.
