RismadarVoice Reporters
November 11, 2026
The Economic and Financial Crimes Commission (EFCC) has reportedly re-arraigned former Chairman of the defunct Skye Bank, Tunde Ayeni, before the Federal Capital Territory High Court in Maitama, Abuja, over an alleged ₦15.39 billion fraud.
Ayeni appeared before Justice H. Mu’azu on Wednesday following the transfer of his case from Justice Jude Onwuegbuzie of the FCT High Court in Apo.
The former bank chairman pleaded not guilty to an 18-count charge bordering on alleged criminal breach of trust, misappropriation and diversion of funds belonging to the defunct Skye Bank, now Polaris Bank.
According to the prosecution, the alleged offences involved transactions from depositors’ funds held in the bank’s suspense account during Ayeni’s tenure as chairman.
In count eight, the EFCC accused Ayeni of dishonestly misappropriating ₦3.11 billion on November 20, 2014, by allegedly directing its transfer to an account belonging to Misa Limited with Zenith Bank.
Count nine alleged that he authorised the transfer of another ₦5.08 billion to an account belonging to Greenwich Registrar with Union Bank on December 2, 2014.
The commission maintained that the alleged transactions constituted criminal breach of trust contrary to Section 311 of the Penal Code and punishable under Section 312.
Following the defendant’s not-guilty plea, prosecution counsel, Abba Muhammed, SAN, requested a date for the commencement of trial before the new judge.
Defence counsel, E. Inegedu, SAN, urged the court to retain the bail conditions previously granted to Ayeni in May 2026.
The defence argued that the former bank chairman had consistently attended court proceedings and complied with the existing conditions, including requirements relating to his international passport and sureties.
The prosecution reportedly left the bail request to the court’s discretion.
The proceedings followed earlier arraignments in the case, which began in May 2026 with a 17-count charge before the EFCC subsequently amended the allegations to 18 counts.
Justice Mu’azu adjourned the matter until January 19, 2027, for the commencement of trial.
Ayeni has denied the allegations, and the charges remain subject to determination by the court.
Under Nigerian law, the defendant is presumed innocent unless the prosecution establishes the allegations beyond reasonable doubt.
