The Economic and Financial Crimes Commission (EFCC), on Wednesday, November 11, 2026, re-arraigned a former chairman of defunct Skye Bank, Tunde Ayeni, before Justice H. Mu’azu of the Federal Capital Territory (FCT), High Court, Maitama, for an alleged N15,391,093,665.00 (fifteen billion, three hundred and ninety-one million, ninety-three thousand, and sixty-five naira) fraud.
Ayeni was rearranged on an existing 18-count charge.
The EFCC is prosecuting him on 18-count charges bordering on criminal breach of trust, misappropriation, and diversion of funds to the tune of N15.3 billion.
The re-arraignment before Justice Mu’azu followed the transfer of the case from Justice Jude Onwuegbuzie of the FCT High Court, Apo, before whom Ayeni had previously been arraigned.
Count eight 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 20th November, 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 aggregate sum of Three Billion One Hundred and Thirteen Million Five Hundred and Forty Three Thousand Six Hundred and Sixty Five Naira Forty Two Kobo (N3,113,543,665.42) by directing the transfer of same to Misa Limited’s account No:1011295717, domiciled with Zenith Bank in violation of your contract with the defunct Skye Bank Plc and thereby committed an offence contrary to section 311 of the Penal Code and punishable under section 312 of same Act.”
Count nine 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 2nd of December, 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 Billion, Seventy Eight Million, Five Hundred and Fifty Thousand Naira (N5,078,550,000) by directing the transfer of same to Greenwich Registrar’s account No:0003490559 domiciled with Union Bank in violation of your contract with the defunct Skye Bank Plc and thereby committed an offence contrary to section 311 of the Penal Code and punishable under section 312 of same Act.”
The defendant pleaded “not guilty” when the charges were read to him. Following his plea, prosecution counsel, Abba Muhammed, SAN, requested a trial date. However, defence counsel, E. Inegedu, SAN, appealed to the court to maintain the bail conditions previously granted to the defendant in May 2026.
Inegedu told the court that the defendant had consistently attended proceedings and had not breached the terms of his bail, including the requirement to submit his international passport and provide sureties.
Responding, the prosecution counsel said he would leave the issue of bail to the discretion of the court.
Both parties also acknowledged that the defendant had consistently attended court without any reported breach of his bail conditions.
Justice Mu’azu subsequently adjourned the case until January 19, 2027, for commencement of trial.
