The Economic and Financial Crimes Commission (EFCC) has arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, over an alleged N15.6 billion fraud.
The commission disclosed this in a statement posted on its X handle on Monday, noting that Ayeni was brought before Justice Jude Onwuzuruike of the Federal Capital Territory High Court, Apo, Abuja.
According to the EFCC, Ayeni is facing a 17-count charge bordering on criminal breach of trust, misappropriation and conversion of investors’ funds amounting to N15,665,085,429, allegedly diverted during his tenure as chairman of the bank.
Prosecution counsel, E.E. Iheanacho, told the court the matter was set for arraignment and that the prosecution was ready to proceed, urging the court to allow the charges to be read.
“We have before the court a 17-count charge dated April 28, 2026, and we humbly apply that it be read to the defendant,” he said.
One of the counts alleges that Ayeni, between October and November 2014, misappropriated N3.2 billion from depositors’ funds held in the bank’s suspense account and transferred the money to accounts linked to Misa Limited, in violation of banking regulations.
Another count accuses him of diverting N5.07 billion to an account belonging to Union Registrars Limited under similar circumstances, also in breach of prudential guidelines.
Ayeni pleaded not guilty to all the charges. Following his plea, the prosecution requested a trial date and asked the court to remand him in a correctional facility pending trial.
Defence counsel, Ahmed Raji Bashir, argued that the charge was served on his client on a public holiday and urged the court to either release Ayeni to his custody or return him to EFCC custody.
In his ruling, Justice Onwuzuruike adjourned the matter to May 13, 2026, for the hearing of the bail application and ordered that the defendant be remanded at the Kuje Correctional Centre pending the determination of his bail request.
The EFCC had earlier, in 2019, instituted legal action against Ayeni and former Managing Director of the bank, Timothy Oguntayo, over alleged mismanagement of funds. Both men were charged with offences bordering on money laundering and illegal cash transfers, involving about N25.3 billion, which was linked to the bank’s financial distress.
In 2018, the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank after a forensic audit revealed severe liquidity challenges and failure to recapitalise. In collaboration with the Nigeria Deposit Insurance Corporation, the apex bank established a bridge bank, Polaris Bank, which was subsequently recapitalised by the Asset Management Company of Nigeria.
