EFCC Arraigns Ex-SKye Bank MD, Tunde Ayeni, over Alleged N15.6bn Fraud

Alex Enumah in Abuja 

The Economic and Financial Crimes Commission (EFCC) has arraigned a former Chairman, Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, over alleged N15.6 billion fraud.

Ayeni was arraigned on Monday, on a 17-count charge before Justice Jude Onwuzuruike of the High Court of the Federal Capital Territory (FCT), Apo, Abuja.

He is specifically charged with alleged criminal breach of trust, misappropriation and conversion of investors’ funds to the tune of N15,665,085,429.

At the beginning of proceedings, EFCC’s lawyer, Ekele Iheanacho (SAN), informed the court that the matter was slated for arraignment and prosecution ready for 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. 

Ayeni however pleaded not guilty to all the counts read against him.

In view of his “not guilty” plea, Iheanacho prayed the court for a trial date and urged the court to remand the defendant in a correctional centre, pending the commencement of trial.

Responding, Ayeni’s lawyer, Mr Ahmed Raji (SAN), while drawing the court’s attention to the fact that the charge was given to the defendant on a public holiday, however, prayed the court to release the defendant to him or return him to the custody of the EFCC.

In his ruling, Justice 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 determination of his bail application. 

Count three of the charge read: “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 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.”