EFCC Arraigns Ex-Skye Bank MD, Tunde Ayeni, Over Alleged N15.6bn Fraud

The Nigerian financial sector is once again under scrutiny as the Economic and Financial Crimes Commission (EFCC) has brought former Skye Bank Plc Chairman, Tunde Ayeni, before the High Court of the Federal Capital Territory on serious fraud allegations. Ayeni faces a daunting 17-count charge, accused of criminal breach of trust, misappropriation, and the conversion of investors' funds totaling a staggering N15.6 billion.

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We have before the court 17-count charge dated April 28, 2026, we humbly apply that the charge be read to the defendant.

During the arraignment, Ayeni entered a plea of not guilty to all charges. The prosecution, led by Ekele Iheanacho (SAN), sought a trial date and requested the court to remand the defendant pending the commencement of proceedings. Ayeni's legal team, however, argued for his release or return to EFCC custody, noting the timing of the charge's delivery.

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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.

Justice Jude Onwuzuruike has adjourned the matter to May 13, 2026, for the hearing of Ayeni's bail application. In the interim, the former bank chairman has been ordered to be remanded at the Kuje Correctional Centre. The charges detail specific instances of alleged misappropriation, including the transfer of billions of naira from depositors' funds to a private company's account, violating prudential guidelines and regulations.

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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, 078,550,00