Ex-Skye Bank Chairman Remanded in Prison Over Alleged ₦15.66bn Fraud

In a significant development in Nigeria's ongoing fight against financial crime, the former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, has been ordered to be remanded in Kuje prison. This decision by the Federal Capital Territory (FCT) High Court in Apo follows his arraignment on a 17-count charge brought forth by the Economic and Financial Crimes Commission (EFCC).

The charges allege Ayeni's involvement in a staggering fraud amounting to N15.665 billion. The specifics of the indictment include criminal breach of trust, misappropriation, and conversion of investors' funds. Despite pleading not guilty, Justice Jude Onwuzuruike ruled that Ayeni would remain in custody pending the hearing of his bail application on May 13.

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That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc between 21st 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 Nos: 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 prosecution, represented by Mr. Ekele Iheanacho (SAN), indicated its intention to oppose the bail request and urged the court to remand the defendant. The defense, led by Mr. Ahmed Raji (SAN), had argued for Ayeni's release, even to EFCC custody, pending the bail hearing, and pointed out that the charge sheet was served on a public holiday.

This case highlights the EFCC's continued efforts to prosecute high-profile individuals accused of financial impropriety, particularly concerning the banking sector. The sheer scale of the alleged fraud underscores the challenges faced by regulatory bodies in safeguarding investors' funds and maintaining the integrity of the financial system in Nigeria. The court's decision to remand Ayeni sends a strong signal about the seriousness with which such allegations are being treated.

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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 oth