EFCC Re-Arraigns Ex-Skye Bank Chairman Tunde Ayeni Over Alleged N15.3 Billion Fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday, November 11, 2026 re-arraigned Tunde Ayeni, former Chairman of the defunct Skye Bank Plc (now Polaris Bank), before Justice Hamza Mu’azu of the Federal Capital Territory High Court in Maitama, Abuja.

Ayeni was arraigned on an existing 18-count amended charge bordering on criminal breach of trust, misappropriation and diversion of depositors’ funds amounting to N15,391,093,665.00.

The fresh arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the FCT High Court in Apo, where Ayeni had earlier been arraigned. This marks the fourth time Ayeni has been arraigned over the case in 2026 — first on May 4, again on June 22, again on July 16, and now November 11.

Count 8 alleges that on or about November 20, 2014, while serving as Chairman of Skye Bank Plc, Ayeni dishonestly misappropriated N3,113,543,665.42 from the bank’s suspense account by directing its transfer to Misa Limited’s account 1011295717 at Zenith Bank.

Count 9 alleges that on or about December 2, 2014, he similarly misappropriated N5,078,550,000 by directing its transfer to Greenwich Registrar’s account 0003490559 at Union Bank, contrary to Sections 311 and 312 of the Penal Code.

When the charges were read, Ayeni pleaded not guilty to all counts.

Justice Mu’azu adjourned the matter until January 19, 2027 for commencement of trial.

Ayeni served as Chairman of Skye Bank until July 2016 when the Central Bank of Nigeria removed the board. In September 2018, the CBN revoked Skye Bank’s licence and transferred its assets and liabilities to Polaris Bank.