N15.6bn fraud: EFCC re-arraigns former Skye Bank Chair Ayeni
The Economic and Financial Crimes Commission (EFCC), on Thursday, July 16, 2026, re-arraigned Tunde Ayeni before Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court in Apo for alleged fraud.
Ayeni, a former Chairman of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), was re-arraigned on an amended 18-count charge. He was first arraigned on May 4, 2026, and subsequently re-arraigned on June 22, 2026. Thursday’s proceedings mark the third time he has taken a plea in court.
*Olatunde-Ayeni
Nkereuwem Effiong
The Economic and Financial Crimes Commission (EFCC), on Thursday, July 16, 2026, re-arraigned Tunde Ayeni before Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court in Apo for alleged fraud.
Ayeni, a former Chairman of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), was re-arraigned on an amended 18-count charge. He was first arraigned on May 4, 2026, and subsequently re-arraigned on June 22, 2026. Thursday’s proceedings mark the third time he has taken a plea in court.
The EFCC is prosecuting him on charges bordering on criminal breach of trust, misappropriation, and diversion of funds to the tune of N15.6 billion.
Count eight of the charge 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, informed the court that his team was ready to proceed with the trial, noting that the first prosecution witness was already present.
However, the request for the immediate commencement of the trial was opposed by defence counsel Olalekan Ojo, SAN, who argued that the prosecution had failed to file the summary of the witness’s statements. In response, the prosecution counsel clarified that the summary had been filed alongside the second amended charge.
In resolving the matter, Justice Onwuegbuzie held that the prosecution had complied with all necessary requirements. He subsequently adjourned the case to July 20, 22, and 23, 2026, for the continuation of the trial.
