Ex-Skye Bank Chairman Arraigned Over Alleged N15.6 Billion Fraud

The Economic and Financial Crimes Commission (EFCC) has brought former Skye Bank Chairman Tunde Ayeni before the Federal Capital Territory High Court in Abuja, accusing him of a staggering N15.6 billion fraud. This arraignment, detailed by The Punch, centers on allegations of criminal breach of trust, misappropriation, and the unlawful conversion of investors' funds during Ayeni's leadership of the defunct bank.

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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.

The charges, spanning 17 counts, outline specific instances where Ayeni allegedly diverted substantial sums from depositors' funds into private accounts, violating banking regulations and prudential guidelines. The prosecution presented detailed counts, including the alleged misappropriation of over N3.2 billion and N5.07 billion through transfers to specific company accounts, underscoring the gravity of the alleged financial misconduct.

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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 (N5,078,550,000) by transferring same to Union Registrar Limited’s Account No: 0003490559 domiciled with Union 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 same Act.

Ayeni pleaded not guilty to all charges, setting the stage for a legal battle. His defense counsel objected to the prosecution's request for remand, citing the timing of the charge delivery and arguing for bail or release to counsel. Justice Jude Onwuzuruike has adjourned the matter to May 13, 2026, for a hearing on these preliminary issues. This case highlights the ongoing efforts by Nigerian authorities to combat financial crimes within the banking sector and hold high-profile individuals accountable for alleged malfeasance.

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