EFCC re-arraigns ex-Skye Bank chairman over N15.6bn fraud

The Economic and Financial Crimes Commission (EFCC) on Monday re-arraigned a former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, Tunde Ayeni, before the Federal Capital Territory (FCT) High Court in Apo, Abuja, over an alleged N15.6 billion fraud.

Ayeni was re-arraigned before Justice Jude Onwuegbuzie on an amended 18-count charge bordering on alleged criminal breach of trust, misappropriation and diversion of funds amounting to N15.6 billion.

At the resumed proceedings, prosecution counsel, Abba Mohammed, SAN, informed the court that the anti-graft agency had filed an amended charge and additional proof of evidence on June 22, 2026.

Defence counsel, Abdul Mohammed, SAN, confirmed that he had been duly served with the amended charge.

According to the EFCC, Ayeni allegedly misappropriated depositors’ funds domiciled in the defunct Skye Bank’s suspense account in violation of the bank’s operational policy manual.

In one of the counts, the commission alleged that on September 18, 2014, Ayeni dishonestly transferred N510 million from the bank’s suspense account to an account belonging to Capital Field Investment Group Limited.

Another count alleged that on September 23, 2014, he transferred N600 million from the same account to an account belonging to Harigold Ventures Limited domiciled with Sterling Bank.

The EFCC said the alleged actions constituted criminal breach of trust, contrary to Section 311 of the Penal Code and punishable under Section 312 of the same law.

Ayeni pleaded not guilty to all 18 counts when they were read to him.

The former bank chairman was initially arraigned on May 4, 2026, on a 17-count charge before the filing of the amended charges.

Justice Onwuegbuzie adjourned the matter until July 6, 2026, for the commencement of trial.