EFCC Re-Arraigns Former Skye Bank Chairman Tunde Ayeni Over Alleged N15.6 Billion Fraud

The Economic and Financial Crimes Commission, EFCC, has re arraigned the former Chairman of the defunct Skye Bank Plc, now Polaris Bank Limited, Mr. Tunde Ayeni, before the Federal Capital Territory High Court in Apo, Abuja, over an alleged N15.6 billion fraud.

Ayeni was brought before Justice Jude Onwuegbuzie on an amended 18 count charge bordering on criminal breach of trust, misappropriation and diversion of depositors’ funds. Thursday’s arraignment marks the third time the former bank chairman has taken his plea in the matter, following earlier appearances on May 4 and June 22, 2026.

According to the EFCC, the defendant allegedly diverted billions of naira from the bank’s suspense account in 2014. Among the charges, the Commission alleged that he dishonestly transferred over N3.1 billion to the account of Misa Limited and another N5.07 billion to the account of Greenwich Registrars, in violation of his responsibilities as Chairman of the bank.

The defendant pleaded not guilty to all 18 counts. Following his plea, prosecution counsel, Abba Muhammed, SAN, informed the court that the prosecution was ready to commence trial and had its first witness present. However, defence counsel, Olalekan Ojo, SAN, opposed the immediate commencement of proceedings, arguing that the prosecution had not filed the summary of the witness’s statement.

In his ruling, Justice Jude Onwuegbuzie held that the prosecution had complied with the necessary legal requirements, having filed the witness’s statement summary alongside the second amended charge. The court subsequently adjourned the case to July 20, 22 and 23, 2026, for the continuation of trial.

Mr. Ayeni remains presumed innocent unless and until proven guilty by the court.