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

The Economic and Financial Crimes Commission (EFCC), on Monday, arraigned former chairman of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court sitting in Apo, Abuja, over an alleged N15.6 billion fraud.

The EFCC disclosed the development in a statement published on its verified Facebook page on Monday evening.

Ayeni was docked before Justice Jude Onwuzuruike on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to N15,665,085,429.

During proceedings, prosecution counsel, E.E. Iheanacho, SAN, told the court that the matter was scheduled 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 counts alleged that Ayeni, while serving as chairman of Skye Bank between October 21 and November 19, 2014, misappropriated N3.2 billion from depositors’ funds domiciled in the bank’s suspense account. The prosecution claimed the funds were transferred to accounts belonging to Misa Limited in violation of banking regulations.

Another count accused him of diverting N5.07 billion on November 27, 2014, to an account belonging to Union Registrar Limited, also allegedly in breach of financial regulations.

According to the charge, the alleged offences contravene Sections 311 and 312 of the Penal Code.

Ayeni, however, pleaded not guilty to all the charges.

Following his plea, Iheanacho urged the court to fix a trial date and remand the defendant in a correctional facility pending trial.

Defence counsel, Ahmed Raji Bashir, SAN, informed the court that the charges were served on his client during a public holiday. He subsequently requested that the defendant be released to him or returned to EFCC custody.

After listening to both parties, Justice Onwuzuruike adjourned the case until May 13, 2026, for the hearing of the bail application. He also ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail.