The Economic and Financial Crimes Commission (EFCC) on Monday arraigned a former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court over alleged fraud involving N15.6 billion.
Ayeni was brought 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.
Prosecution counsel E.E. Iheanacho (SAN) informed the court that the matter was scheduled 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.
Count three of the charge reads: “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.
Count five of the charge reads: “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 the charges when they were read to him. Following his plea, Iheanacho urged the court to fix a date for trial and requested that the defendant be remanded in a correctional facility pending proceedings.
Defence counsel, Ahmed Raji Bashir (SAN), told the court that the charge was served on the defendant on a public holiday, adding that he deemed it necessary to bring it to the court’s attention. He also prayed that the defendant be released to him or returned to the custody of the EFCC.
Justice Onwuzuruike subsequently adjourned the matter to May 13, 2026, for the hearing of the bail application, while ordering that the defendant be remanded at the Kuje Correctional Centre pending the determination of his bail request.
