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 before the Federal Capital Territory High Court in Apo, Abuja.
Ayeni was brought before Justice Jude Onwuzuruike on Monday, May 4, 2026, on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to N15,665,085,429. The prosecution, led by E.E. Iheanacho (SAN), told the court that the case was ready for arraignment and trial, stating, “We have before the court 17-count charge dated April 28, 2026, we humbly apply that the charge be read to the defendant.”
According to the charge sheet, the alleged offences were committed during Ayeni’s tenure as chairman of the bank’s board between October and November 2014. One of the counts alleges that he misappropriated N3.2 billion from depositors’ funds domiciled in the bank’s suspense account by transferring the money into accounts belonging to Misa Limited with Zenith Bank, in violation of regulatory guidelines.
Another charge claims that the defendant, on or about November 27, 2014, transferred N5.07 billion from the same suspense account to Union Registrars Limited’s account with Union Bank, also in breach of prudential regulations governing financial institutions.
Ayeni pleaded not guilty to all the charges when they were read in court. Following his plea, the prosecution urged the court to fix a trial date and remand the defendant in a correctional facility pending the hearing of his bail application.
Defence counsel, Ahmed Raji Bashir (SAN), informed the court that the charge had been served on his client on a public holiday and urged the court to either release him to the defence or return him to EFCC custody pending the determination of the bail application.
After hearing both parties, 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.
