The Economic and Financial Crimes Commission (EFCC) has arraigned former chairman of the defunct Skye Bank Plc, Tunde Ayeni, over an alleged N15.6 billion fraud, in a case that has sent ripples through Nigeria’s financial sector.
Ayeni was docked on Monday before Justice Jude Onwuzuruike of the Federal Capital Territory High Court, Apo, Abuja, on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of depositors’ funds.
The anti-graft agency told the court that the defendant allegedly diverted a staggering N15,665,085,429 while serving as chairman of the bank’s board, in what prosecutors described as a gross abuse of trust and violation of financial regulations.
Prosecution counsel, E.E. Iheanacho, SAN, informed the court that the matter was ripe for arraignment and trial, urging that the charges be read.
One of the counts alleges that Ayeni, in October 2014, misappropriated over N3.2 billion from the bank’s suspense account, transferring the funds into accounts linked to a private company. Another charge claims he diverted N5.07 billion in November 2014 to another firm, in breach of prudential banking guidelines.
When the charges were read, Ayeni pleaded not guilty.
Following his plea, the prosecution urged the court to fix a trial date and remand the defendant in custody pending proceedings.
However, defence counsel, Ahmed Raji Bashir, SAN, argued for leniency, noting that the charge was served on his client during a public holiday. He appealed for Ayeni to be released to his custody or returned to EFCC detention.
In a 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.
The high-stakes trial is expected to test the EFCC’s resolve in tackling financial crimes involving top banking executives, as scrutiny intensifies over corporate governance and accountability in Nigeria’s financial system.
About The Author
