EFCC arraigns ex-Skye Bank chair over alleged N15.6bn fraud

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The Economic and Financial Crimes Commission has arraigned a former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court, Apo, Abuja, over alleged N15.6 billion fraud.

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The anti-graft agency, in a post on its official X handle on Monday, said Ayeni was arraigned on a 17-count charge bordering on criminal breach of trust, misappropriation and conversion of investors’ funds.

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He was accused of diverting funds running into N15,665,085,429.

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According to the EFCC, Ayeni, while serving as chairman of the bank between 2014, allegedly mismanaged and transferred depositors’ funds in breach of banking regulations.

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One of the counts presented in court stated,“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.”

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Another count read, “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.”

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EFCC counsel, E.E. Iheanacho, SAN, told the court that the prosecution was ready to proceed with trial.

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“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.

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Ayeni pleaded not guilty to all charges when they were read to him.
nFollowing his plea, the prosecution urged the court to remand him in a correctional facility pending trial, while defence counsel, Ahmed Raji Bashir, SAN, objected, arguing that the charges were served on a public holiday and seeking bail or release to counsel.n

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

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