EFCC re-arraigns Tunde Ayeni on amended charges over N15.6 billion fraud case
By Aboki Forex —
The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, on an amended 18-count charge over alleged criminal breach of trust, misappropriation and diversion of N15.6 billion. The anti-graft agency disclosed that Ayeni was re-arraigned on Thursday, July 16, before Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court in Apo, Abuja.
The case forms part of the EFCC’s ongoing prosecution of the former bank chairman over alleged financial crimes linked to his time at the helm of the now-defunct lender. Ayeni, a businessman and lawyer who once chaired the board of Skye Bank, is facing prosecution over allegations that he unlawfully diverted depositors’ funds while leading the bank. Thursday’s court appearance marked the third time he has taken his plea after he was first arraigned on May 4, 2026, and re-arraigned on June 22, 2026, following amendments to the charges.
Details of the amended charges
According to the amended charges, the EFCC accused Ayeni of diverting billions of naira from Skye Bank’s suspense account in late 2014 while serving as the bank’s chairman. One of the counts alleges that he unlawfully authorised the transfer of about N3.11 billion in depositors’ funds to the account of Misa Limited in November 2014, an act the commission said amounted to criminal breach of trust and violated the terms of his office. Another count accuses him of directing the transfer of an additional N5.08 billion from the same suspense account to Greenwich Registrars in December 2014. Prosecutors contend that both transactions formed part of the alleged diversion of bank funds for which he is standing trial.
Ayeni pleaded not guilty to all 18 counts. Although the prosecution said it was ready to commence trial immediately, the defence objected, arguing that it had not been served with a summary of the prosecution witnesses’ statements. The prosecution maintained that the documents had already been filed alongside the second amended charge. Justice Onwuegbuzie ruled that the prosecution had complied with the necessary requirements and adjourned the matter until July 20, 22 and 23, 2026, for continuation of trial.
Background to the case
The allegations against Ayeni date back several years and are linked to the financial collapse of the former Skye Bank. Following the Central Bank of Nigeria’s intervention in Skye Bank in 2016, the lender’s previous management, including Ayeni and former managing directors, came under scrutiny over allegations of financial mismanagement. At the time, reports indicated that the bank sought to recover funds allegedly diverted under the previous leadership after the CBN removed the bank’s management and injected financial support to stabilise its operations.
Ayeni was also questioned by the EFCC in 2016 during investigations connected to former Minister of the Federal Capital Territory, Bala Mohammed. At the time, the commission reportedly investigated transactions worth N1 billion involving Aso Savings and Loans and funds allegedly linked to the former minister. The EFCC later filed criminal charges against Ayeni and former Skye Bank Managing Director Timothy Oguntayo over the alleged mismanagement of the bank’s funds. While the earlier case centred on allegations involving more than N25 billion and a 10-count charge, the prosecution has since amended its case. Ayeni is now facing an amended 18-count charge involving the alleged diversion of N15.6 billion.
What happened to Skye Bank
Skye Bank ceased to exist in 2018 after the Central Bank of Nigeria revoked its operating licence following regulatory examinations and a forensic audit that found the lender was severely undercapitalised and dependent on sustained liquidity support. Unable to secure fresh capital from its shareholders, the bank was replaced with Polaris Bank, a bridge institution established by the CBN in collaboration with the Nigeria Deposit Insurance Corporation (NDIC), with the Asset Management Corporation of Nigeria (AMCON) providing the required recapitalisation.