The Economic and Financial Crimes Commission has arraigned Tunde Ayeni, a former Chairman of the Board of Directors of the defunct Skye Bank Plc, before the Federal Capital Territory High Court, Apo, Abuja, over an alleged N15.6 billion fraud. Ayeni was docked on Monday on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds.
According to the EFCC, Ayeni allegedly diverted depositors’ funds totalling N15,665,085,429 while serving as chairman of the bank in 2014. The anti-graft agency said the transactions violated banking regulations and prudential guidelines. One of the counts accused him of dishonestly transferring N3,201,535,429.42 from Skye Bank’s Suspense Account to Misa Limited’s accounts at Zenith Bank between October 21 and November 19, 2014.
Another count alleged that on November 27, 2014, Ayeni misappropriated N5,078,550,000 by moving the sum from the same Suspense Account to Union Registrar Limited’s account at Union Bank. The EFCC said the offences contravene Section 311 of the Penal Code and are punishable under Section 312.
Inside Abuja:
Rainstorm Destroys Kugbo Terminal in Abuja
NDLEA Busts Drug Dens in Abuja, Arrests 132 Suspects
FCT NUT Staff Member Dies After Early Morning Collapse in Abuja
EFCC Declares John Ekuma Wanted Over Fraud
EFCC Investigated Pastor Jerry Eze for Money Laundering — Olukoyede
EFCC counsel E.E. Iheanacho, SAN, told the court the prosecution was ready for trial. “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. Ayeni pleaded not guilty to all the charges.
Following his plea, the prosecution asked the court to remand him in a correctional facility pending trial. Defence counsel Ahmed Raji Bashir, SAN, opposed the application, arguing that the charges were served on a public holiday. He urged the court to grant bail or release Ayeni to his counsel.
Justice Jude Onwuzuruike adjourned the matter to May 13, 2026, for hearing of the bail application. The judge ordered that the defendant be remanded at the Kuje Correctional Centre pending the determination of his bail request.
About the Author
