The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Skye Bank chairman Tunde Ayeni on amended charges involving N15.6 billion in fraud before the Federal Capital Territory High Court in Apo, Abuja. This marks the third time Ayeni has entered a plea on the charges, following the latest amendment by the anti-corruption agency.
Third Arraignment and Plea
On Thursday, Ayeni appeared before trial judge Jude Onwuegbuzie, where he pleaded not guilty to the 18-count charge. The EFCC first arraigned him on May 4, after which the court remanded him in prison pending his bail application. He was re-arraigned on June 22 and again on Thursday, following successive amendments to the charges.
According to a statement by EFCC’s Head of Media and Publicity, Dele Oyewale, “The defendant pleaded ‘not guilty’ when the charges were read to him.”
Details of the Charges
The EFCC is prosecuting Ayeni on 18 counts of criminal breach of trust, misappropriation, and diversion of up to N15.6 billion belonging to Skye Bank. One charge alleges that in November 2014, while serving as chairperson of the board of the defunct Skye Bank Plc (now Polaris Bank Limited), Ayeni directed the transfer of N3.11 billion from the bank’s suspense account to Misa Limited’s account with Zenith Bank. Another charge claims he directed the transfer of about N5 billion from the suspense account to Greenwich Registrars’ account with Union Bank in December 2014. The commission alleges these transactions amount to criminal breach of trust, punishable under the Penal Code.
Legal Arguments on Trial Commencement
After the arraignment, EFCC lawyer Abba Muhammed, a Senior Advocate of Nigeria (SAN), informed the court that the prosecution was ready to proceed and had its first witness present. However, Ayeni’s lawyer, Olalekan Ojo (SAN), opposed immediate trial, arguing that the prosecution had not filed a summary of the witness’s statement. The prosecution countered that the summary had been filed alongside the second amended charge. The judge ruled that the prosecution had complied with necessary requirements, as stated by the EFCC. Justice Onwuegbuzie subsequently fixed July 20, 22, and 23 for continuation of trial.
Background of the Case
Ayeni served as chairperson of Skye Bank’s board until July 2016, when the Central Bank of Nigeria (CBN) removed the board and management during a regulatory intervention due to the bank’s deteriorating financial condition. Two years later, the CBN revoked Skye Bank’s license and transferred its assets and liabilities to Polaris Bank, a bridge bank. Ayeni did not continue with Polaris Bank after the intervention.
The EFCC’s case stems from investigations into transactions allegedly conducted while Ayeni chaired the board. The commission alleges that billions of naira were diverted from the bank’s suspense account to companies linked to the defendants, in breach of operational policies and regulatory guidelines. Ayeni has consistently denied the allegations and pleaded not guilty to all charges.
