Alleged N15.3bn fraud: EFCC re-arraigns ex-Skye Bank chairman Ayeni
The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, over an alleged N15.39 billion fraud, with trial scheduled to commence on January 19, 2027.
Ayeni was re-arraigned on Wednesday, November 11, 2026, before Justice H. Mu’azu of the Federal Capital Territory (FCT) High Court, Maitama, Abuja, on an existing 18-count charge bordering on criminal breach of trust, misappropriation and diversion of funds.
The re-arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the FCT High Court, Apo, where the defendant had previously been arraigned.
The EFCC accused Ayeni of allegedly diverting N15,391,093,665 belonging to the defunct Skye Bank, now Polaris Bank, through transactions involving funds held in the bank’s accounts.
In counts eight and nine, the anti-graft agency detailed alleged transactions involving N3.11 billion and N5.07 billion transferred from the bank’s suspense account to accounts belonging to Misa Limited and Greenwich Registrar, respectively.
According to count eight, the commission alleged that on November 20, 2014, Ayeni, while serving as chairman of the bank’s board of directors, dishonestly misappropriated N3,113,543,665.42 by directing its transfer to Misa Limited’s account with Zenith Bank.
The EFCC further alleged in count nine that on December 2, 2014, Ayeni directed the transfer of N5,078,550,000 from the bank’s suspense account to Greenwich Registrar’s account domiciled with Union Bank.
The commission maintained that the alleged transactions violated Ayeni’s contractual obligations to the bank and constituted criminal breach of trust under Sections 311 and 312 of the Penal Code.
Ayeni, however, pleaded not guilty to all 18 counts when they were read to him in court.
Following his plea, prosecution counsel, Abba Muhammed, SAN, requested a date for trial.
Defence counsel, E. Inegedu, SAN, subsequently urged the court to retain the bail conditions earlier granted to his client in May 2026.
Inegedu argued that Ayeni had consistently attended court proceedings and complied with all the conditions attached to his bail, including the submission of his international passport and provision of sureties.
Responding, Muhammed said the prosecution would leave the matter of bail to the discretion of the court.
Both parties acknowledged that the defendant had attended previous proceedings without any reported breach of his bail conditions.
Justice Mu’azu subsequently adjourned the case until January 19, 2027, for the commencement of trial.