Ex-Skye Bank Chair Tunde Ayeni Re-arraigned on N15.6 Billion Fraud Charges

Tunde Ayeni, the former Chairman of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), faces re-arraignment in the Federal Capital Territory High Court in Apo, Abuja. The Economic and Financial Crimes Commission (EFCC) has charged him with an alleged N15.6 billion fraud, presenting amended charges and additional proof of evidence. The case is being heard by Justice Jude Onwuegbuzie.

The EFCC spokesman, Dele Oyewale, stated that Ayeni was re-arraigned on Monday on 18 charges. These charges encompass alleged criminal breach of trust, misappropriation, and diversion of funds totaling N15.6 billion. The prosecution, led by Abba Muhammed, informed the court about the filing of the amended charge and additional evidence on June 22, 2026. The defense counsel, Abdul Mohammed, confirmed receipt of the amended charge.

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That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about the 18th of September, 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 Hundred and Ten Million Naira (510,000,000) by transferring same to Capital Field Investment Group Limited’s account No:1770125552 domiciled with Skye Bank in violation of the defunct Skye Bank Plc Operational Policy Manual and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of Same Act.

One of the specific charges details an alleged misappropriation of N510 million from depositors' funds. The EFCC claims that on or about September 18, 2014, Ayeni, while serving as Chairman, dishonestly transferred this sum from the bank's suspense account to the account of Capital Field Investment Group Limited. This action, according to the EFCC, violated the bank's Operational Policy Manual and constitutes an offense under Section 311 of the Penal Code, punishable under Section 312.

Another count in the charge alleges that Ayeni misappropriated N600 million from the bank's suspense account on September 23, 2014. This amount was reportedly transferred to the account of Harigold Ventures Limited with Sterling Bank, also in alleged violation of the bank's Operational Policy Manual. The EFCC continues to build its case based on these alleged financial irregularities during Ayeni's tenure.

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That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about the 23rd September, 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 Six Hundred Million Naira (N600,000,000) by transferring same to