Ex-Skye Bank chairman Ayeni re-arraigned over alleged N15.6 billion fraud

Tunde Ayeni, the former Chairman of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), has been re-arraigned before the Federal Capital Territory High Court in Apo, Abuja. The Economic and Financial Crimes Commission (EFCC) brought the charges, which now number 18, related to an alleged N15.6 billion fraud.

The charges encompass criminal breach of trust, misappropriation, and diversion of funds. The EFCC's spokesman, Dele Oyewale, stated that the re-arraignment followed the submission of additional proof of evidence in the case. The prosecution informed the court on June 22, 2026, that an amended charge and further evidence had been filed, to which the defense counsel confirmed they had been served.

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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 on or about September 18, 2014. The EFCC claims Ayeni transferred this sum from the bank's suspense account to Capital Field Investment Group Limited's account. 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 Harigold Ventures Limited's account with Sterling Bank, also in violation of the bank's operational policies. The prosecution contends that these actions, while Ayeni had dominion over the depositors' funds, amounted to criminal breach of trust.

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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