The Economic and Financial Crimes Commission (EFCC) has arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, over an alleged N15.6 billion fraud.
Ayeni was brought before Justice Jude Onwuzuruike of the High Court of the Federal Capital Territory (FCT), Apo, Abuja, on Monday, where he faced a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to N15,665,085,429.
At the commencement of proceedings, EFCC counsel, Ekele Iheanacho (SAN), informed the court that the prosecution was ready to proceed with the arraignment and urged that the charges, dated April 28, 2026, be read to the defendant. Ayeni pleaded not guilty to all counts.
Following the plea, the prosecution requested a trial date and asked the court to remand the defendant in a correctional facility pending trial.
However, defence counsel, Ahmed Raji (SAN), appealed for Ayeni’s release, noting that the charges had been served on his client during a public holiday. He urged the court to either release the defendant to him or return him to EFCC custody.
In his ruling, Justice Onwuzuruike adjourned the matter to May 13, 2026, for hearing of the bail application and ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail.
According to one of the charges, Ayeni allegedly misappropriated over N3.2 billion from depositors’ funds between October and November 2014 by transferring the money to accounts linked to Misa Limited in violation of banking regulations.
Another count alleges that he diverted N5.07 billion to Union Registrar Limited through a Union Bank account, also in breach of established financial guidelines.
The EFCC maintains that the alleged offences contravene provisions of the Penal Code and are punishable under the law.
