EFCC re-arraigns Ayeni over alleged ₦15.3bn fraud

Etim Ekpimah

The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Skye Bank Chairman, Tunde Ayeni, over an alleged ₦15.39bn fraud involving the diversion and misappropriation of depositors’ funds.

Ayeni was re-arraigned on Wednesday, November 11, 2026, before Justice H. Mu’azu of the Federal Capital Territory High Court, Maitama, Abuja, on 18 existing counts bordering on criminal breach of trust, misappropriation and diversion of funds.

The re-arraignment followed the transfer of the case from the court of Justice Jude Onwuegbuzie of the FCT High Court, Apo, where the defendant had previously been arraigned.

According to the EFCC, the alleged offences involved ₦15,391,093,665 belonging to the defunct Skye Bank, now Polaris Bank Limited.

In count eight, the commission alleged that Ayeni, while serving as chairman of the bank’s board of directors, dishonestly diverted ₦3,113,543,665.42 from the bank’s suspense account to Misa Limited’s account with Zenith Bank on November 20, 2014.

The EFCC accused him of committing the alleged offence in breach of his fiduciary obligations to the bank.

In count nine, the commission alleged that Ayeni, on December 2, 2014, directed the transfer of another ₦5,078,550,000 from the bank’s suspense account to Greenwich Registrars’ account with Union Bank.

The commission maintained that the alleged transactions constituted criminal breach of trust under Sections 311 and 312 of the Penal Code.

Ayeni pleaded not guilty to all 18 counts when they were read to him.

Following his plea, prosecution counsel, Abba Muhammed, SAN, requested a date for trial commencement.

However, defence counsel, E. Inegedu, SAN, urged the court to retain the bail conditions previously granted to his client in May 2026.

Inegedu argued that Ayeni had consistently attended court proceedings and complied with all the conditions attached to his bail, including the submission of his international passport and provision of sureties.

The prosecution said it would leave the matter to the court’s discretion, while both parties acknowledged that the defendant had attended previous proceedings without any reported breach of his bail conditions.

Justice Mu’azu subsequently adjourned the case until January 19, 2027, for the commencement of trial.

The EFCC’s Head, Media and Publicity, Dele Oyewale, disclosed the development in a statement issued on Wednesday.