EFCC Re-Arraigns Ex-Skye Bank Chairman Ayeni Over Alleged N15.6bn Fraud

The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court in Apo, Abuja, over an alleged N15.6billion fraud.

Ayeni was re-arraigned on Thursday before Justice Jude Onwuegbuzie on an amended 18-count charge bordering on alleged criminal breach of trust, misappropriation and diversion of funds.

The fresh arraignment marks the third time Ayeni has taken his plea in the case, having first been arraigned on May 4, 2026, and re-arraigned on June 22, 2026.

According to the EFCC, the charges stem from Ayeni’s tenure as chairman of the board of the defunct Skye Bank, now Polaris Bank Limited.

One of the charges alleges that on November 20, 2014, Ayeni dishonestly misappropriated N3.113billion from the bank’s suspense account by directing the transfer of the funds to Misa Limited’s Zenith Bank account, an act the anti-graft agency said amounted to criminal breach of trust.

Another count accuses him of directing the transfer of N5.078billion from the same suspense account to Greenwich Registrars’ Union Bank account on December 2, 2014, also in alleged violation of the law.

When the charges were read, Ayeni pleaded not guilty to all 18 counts.

Following his plea, prosecution counsel, Abba Muhammed (SAN), informed the court that the prosecution was ready to commence trial and had its first witness present in court.

However, defence counsel, Olalekan Ojo (SAN), opposed the immediate commencement of trial, arguing that the prosecution had failed to file a summary of the witness’s statements.

Responding, Muhammed told the court that the summary had been filed alongside the second amended charge.

Justice Onwuegbuzie ruled that the prosecution had complied with the necessary legal requirements and adjourned the matter until July 20, 22 and 23, 2026, for continuation of trial.