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By Lizzy Chirkpi
The Economic and Financial Crimes Commission (EFCC) has arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, over an alleged N15.6 billion fraud.
Ayeni was brought before Justice Jude Onwuzuruike of the Federal Capital Territory High Court sitting in Apo, Abuja, on Monday, May 4, 2026, on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds.
Prosecution counsel, E.E. Iheanacho, SAN, told the court that the matter was slated for arraignment and that the prosecution was ready to proceed to trial.
“We have before the court 17-count charge dated April 28, 2026, we humbly apply that the charge be read to the defendant,” he said.
One of the counts (count three) alleges: “That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc between 21st of October, 2014 and 19th 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, Two hundred and One million, Five Hundred and Thirty Five Thousand, Four Hundred and Twenty Nine Naira, Forty two kobo (N3,201,535,429.42) by transferring same to Misa Limited’s account No: 1011295717 and 1011295718 domiciled with Zenith Bank in violation of the Prudential Guidelines and other regulations and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.”
Another charge (count five) states: “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the Defunct Skye Bank Plc on or about 27th 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 sum of Five Billion, Seventy Eight million, Five hundred and Fifty thousand Naira (N5,078,550,000) by transferring same to Union Registrar Limited’s Account No: 0003490559 domiciled with Union Bank in violation of the Prudential Guidelines and other Regulations 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 the charges when they were read in court.
Following his plea, Iheanacho urged the court to fix a date for trial and requested that the defendant be remanded in a correctional facility.
However, defence counsel, Ahmed Raji Bashir, SAN, told the court that the charge was served on the defendant on a public holiday and deemed it necessary to bring that to the court’s attention. He also urged the court to release the defendant to his custody or return him to the EFCC pending the hearing of his bail application.
Justice Onwuzuruike adjourned the matter to May 13, 2026, for the hearing of the bail application and ordered that the defendant be remanded at the Kuje Correctional Centre pending the determination of his bail.