EFCC arraigns ex-Skye Bank chairman Tunde Ayeni over alleged N15.6bn fraud

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned a former chairman of the defunct Skye Bank Plc, Tunde Ayeni, before Justice Jude Onwuzuruike of the Federal Capital Territory High Court, Apo, Abuja, over an alleged N15.6 billion fraud.Mr Ayeni was docked on a 17-count charge bordering on criminal breach of trust, misappropriation and conversion of investors’ funds amounting to N15,665,085,429.

At the proceedings, prosecution counsel E. E. Iheanacho, SAN, told the court that the matter was slated for arraignment and that the prosecution was ready to proceed to trial.“We have before the court a 17-count charge dated April 28, 2026. We humbly apply that the charge be read to the defendant,” he said.One of the charges alleged that Mr Ayeni, while serving as chairman of Skye Bank between October and November 2014, dishonestly diverted N3.2 billion from depositors’ funds in the bank’s suspense account into accounts belonging to Misa Limited, in violation of banking regulations.

Another count accused him of misappropriating N5.07 billion from the same account by transferring the funds to Union Registrar Limited, also in breach of regulatory guidelines.The prosecution said the alleged acts contravened provisions of the Penal Code relating to criminal breach of trust.Mr Ayeni pleaded not guilty to all the charges.

Following his plea, Mr Iheanacho asked the court to fix a date for trial and to remand the defendant in a correctional facility.Defence counsel Ahmed Raji Bashir, SAN, informed the court that the charges were served on his client on a public holiday. He urged the court to release the defendant to him or return him to EFCC custody.

Justice Onwuzuruike adjourned the case until 13 May for hearing of the bail application and ordered that Mr Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail request.