EFCC Arraigns Former Skye Bank Chairman Tunde Ayeni Over Alleged N15.6bn Fraud

The Economic and Financial Crimes Commission (EFCC) on Monday, May 4, 2026, arraigned former Chairman of Skye Bank Plc, Tunde Ayeni, before Justice Jude Onwuzuruike of the Federal Capital Territory High Court, Apo, Abuja.

Ayeni is facing 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, told the court the matter was ready for arraignment and trial, urging that the charges be read to the defendant.

“We have before the court a 17-count charge dated April 28, 2026. We humbly apply that the charge be read to the defendant,” he said.

According to the EFCC, Ayeni allegedly misappropriated depositors’ funds while serving as chairman of the defunct bank in 2014.

One of the charges states that between October 21 and November 19, 2014, Ayeni diverted N3.2 billion from the bank’s suspense account to accounts linked to Misa Limited with Zenith Bank, in violation of prudential guidelines and banking regulations.

Another count alleges that on November 27, 2014, he transferred N5.07 billion from the same account to Union Registrars Limited’s account with Union Bank under similar circumstances.

The prosecution argued that the actions contravened Sections 311 and 312 of the Penal Code.

Ayeni pleaded not guilty to all charges. Following the plea, the prosecution requested a trial date and urged the court to remand the defendant in a correctional facility pending trial.

Defence counsel, Ahmed Raji Bashir, SAN, informed the court that the charges were served on the defendant on a public holiday and urged the court to either release him to his custody or return him to EFCC custody.

Justice Onwuzuruike adjourned the case to May 13, 2026, for hearing of the bail application and ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail.