The EFCC has re-arraigned former Skye Bank chairman Tunde Ayeni before an Abuja court on 18 amended charges involving alleged criminal breach of trust, misappropriation and diversion of N15.6 billion
Tunde Ayeni Pleads Not Guilty as EFCC Re-Arraigns Former Skye Bank Chairman on 18 Fraud Charges
The Economic and Financial Crimes Commission has re-arraigned former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, Tunde Ayeni, before the Federal Capital Territory High Court in Apo, Abuja, over an alleged N15.6 billion fraud.
Ayeni appeared before Justice Jude Onwuegbuzie on Monday on an amended 18-count charge bordering on alleged criminal breach of trust, misappropriation and diversion of funds said to total N15.6 billion.
According to a statement issued by EFCC spokesman Dele Oyewale, the fresh arraignment followed the commission’s submission of additional proof of evidence in the matter. During the proceedings, prosecution counsel, Abba Muhammed, informed the court that the amended charge and supplementary evidence were filed on June 22, 2026. Defence counsel, Abdul Mohammed, confirmed that the documents had been duly served on his client.
One of the amended charges alleges that Ayeni, while serving as Chairman of the Board of Directors of the defunct Skye Bank Plc, dishonestly diverted N510 million from depositors’ funds held in the bank’s suspense account on or about September 18, 2014, by transferring the money to Capital Field Investment Group Limited.
The charge states: “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about the 18th of September, 2014 at Abuja within the jurisdiction of this Honourable Court and having dominion over depositors’ funds domiciled in the defunct Skye Bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of Five Hundred and Ten Million Naira (510,000,000) by transferring same to Capital Field Investment Group Limited’s account No:1770125552 domiciled with Skye Bank in violation of the defunct Skye Bank Plc Operational Policy Manual and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of Same Act.”
The anti-graft agency further alleged that Ayeni misappropriated another N600 million from the bank’s suspense account on September 23, 2014, by transferring the funds to Harigold Ventures Limited’s account with Sterling Bank, also in alleged violation of the institution’s operational guidelines.
Count five reads: “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about the 23rd September, 2014 at Abuja within the jurisdiction of this Honourable Court and having dominion over depositors’ funds domiciled in the defunct Skye Bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of Six Hundred Million Naira (N600,000,000) by transferring same to Harigold Ventures Limited’s account No:0000834983 domiciled with Sterling Bank in violation of the defunct Skye Bank Plc Operational Policy Manual and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of Same Act.”
Ayeni pleaded not guilty to all 18 counts when they were read before the court.
The former bank chairman was initially arraigned on May 4, 2026, on a 17-count charge before the amended charges were filed. Following his plea, Justice Onwuegbuzie adjourned the case until July 6, 2026, when trial proceedings are expected to commence.
The case marks the latest chapter in the EFCC’s prosecution of alleged high-profile financial crimes in Nigeria’s banking sector, with the commission insisting that the charges stem from its ongoing investigation into the management of depositors’ funds at the defunct Skye Bank.
