EFCC re-arraigns Tunde Ayeni, ex-Skye Bank chair over alleged N15.6bn fraud

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

Ayeni was re-arraigned on Monday before Jude Onwuegbuzie (Justice) on an amended 18-count charge bordering on alleged criminal breach of trust, misappropriation and diversion of depositors’ funds amounting to N15.6 billion.

The anti-graft agency said the fresh arraignment followed the filing of additional proof of evidence in the case.

According to a statement by Dele Oyewale, EFCC spokesman, the prosecution amended the charges after further investigations and submitted additional evidence to support its case against the former bank chief.

At the resumed proceedings, Abba Muhammed, prosecuting counsel, informed the court that the amended charge and supplementary proof of evidence were filed on June 22, 2026.

Abdul Mohammed, Counsel to the defendant, confirmed that the defence had been served with the amended processes.

One of the charges accused Ayeni of unlawfully diverting N510 million from depositors’ funds held in Skye Bank’s suspense account on September 18, 2014.

The EFCC alleged that while serving as chairman of the bank’s board, Ayeni transferred the money to an account belonging to Capital Field Investment Group Limited, contrary to the bank’s operational guidelines.

The commission further claimed that the transaction violated the bank’s Operational Policy Manual and constituted criminal breach of trust under the provisions of the Penal Code.

In another count, the EFCC alleged that Ayeni misappropriated an additional N600 million from the same suspense account on September 23, 2014, by transferring the funds to Harigold Ventures Limited’s account domiciled with Sterling Bank.

According to the prosecution, the transaction was also carried out in violation of the bank’s internal policies governing the management of depositors’ funds.

The amended charge contains a total of 18 counts relating to alleged diversion, misappropriation and breach of trust involving funds said to belong to depositors of the defunct bank.

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

The former bank chairman was initially arraigned by the EFCC on May 4, 2026, on a 17-count charge before the case was amended to include an additional count and fresh evidence.

Following his plea, Onwuegbuzie adjourned the matter until July 6, 2026, for the commencement of trial.