The Economic and Financial Crimes Commission (EFCC) on Wednesday re-arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court, Maitama, Abuja, over an alleged N15.39 billion fraud.
Ayeni was re-arraigned before Justice H. Mu’azu on an 18-count charge bordering on criminal breach of trust, misappropriation and diversion of funds totalling N15,391,093,665.
The re-arraignment followed the transfer of the case from the court of Justice Jude Onwuegbuzie of the FCT High Court, Apo, where the defendant had previously been arraigned.
According to the anti-graft agency, Ayeni, while serving as Chairman of the Board of Directors of the defunct Skye Bank (now Polaris Bank Limited), dishonestly diverted depositors’ funds domiciled in the bank’s suspense account.
Ayeni pleaded not guilty to all 18 counts when the charges were read to him.
Following his plea, prosecution counsel, Abba Muhammed, SAN, requested a date for the commencement of trial.
However, defence counsel, E. Inegedu, SAN, urged the court to retain the bail conditions previously granted to the defendant in May 2026.
Inegedu told the court that Ayeni had consistently attended proceedings and had not breached any of the conditions attached to his bail. He specifically informed the court that the defendant had complied with the requirements, including the submission of his international passport and provision of sureties.
In response, Muhammed said the prosecution would leave the issue of bail to the discretion of the court.
Both parties acknowledged that Ayeni had consistently appeared in court without any reported violation of his bail conditions.
Justice Mu’azu subsequently adjourned the case until January 19, 2027, for commencement of trial.
Details of the 18-count charge showed that the EFCC accused Ayeni of abusing his position as chairman of the bank’s board to allegedly divert funds belonging to the financial institution without authorisation and in violation of his contractual obligations.
In Count Eight, the commission alleged that Ayeni, on or about November 20, 2014, in Abuja, dishonestly misappropriated N3,113,543,665.42 by directing its transfer from the defunct bank’s suspense account to the account of Misa Limited, domiciled with Zenith Bank. The charge identified the account as number 1011295717.
The EFCC described the alleged transaction as criminal breach of trust, contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.
Count Nine accused the former bank chairman of allegedly directing the transfer of N5,078,550,000 from the bank’s suspense account to an account operated by Greenwich Registrars with Union Bank.
The commission identified the account as number 0003490559 and stated that the alleged transaction occurred on December 2, 2014.
According to the charge, Ayeni allegedly misappropriated the funds by directing their transfer in violation of his contractual obligations to the defunct bank.
The two transactions outlined in Counts Eight and Nine amount to N8,192,093,665.42, while the entire 18-count charge puts the alleged diversion at N15,391,093,665.
The commission is prosecuting Ayeni over allegations of criminal breach of trust, misappropriation, and diversion of funds arising from his tenure at the defunct financial institution.
