EFCC re-arraigns Tunde Ayeni over alleged N15.3bn fraud, trial begins January 19

The Economic and Financial Crimes Commission (EFCC) on Wednesday re-arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court, Maitama, Abuja, over an alleged N15.39bn fraud involving depositors’ funds.

Ayeni, who faces an 18-count charge bordering on criminal breach of trust, misappropriation and diversion of funds, pleaded not guilty to all the counts when they were read to him before Justice H. Mu’azu.

The re-arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the FCT High Court, Apo, where the defendant had previously been arraigned.

The prosecution alleged that Ayeni, while serving as chairman of the board of the defunct Skye Bank, now Polaris Bank, diverted N15,391,093,665 belonging to the bank through unauthorised transactions.

In counts eight and nine, the EFCC specifically accused him of directing the transfer of N3.11bn from the bank’s suspense account to Misa Limited’s account with Zenith Bank on November 20, 2014.

It also alleged that he directed the transfer of another N5.08bn to Greenwich Registrar’s account with Union Bank on December 2, 2014.

The commission said the transactions amounted to criminal breach of trust under Sections 311 and 312 of the Penal Code.

Following the defendant’s plea, prosecution counsel, Abba Muhammed, SAN, asked the court to fix a date for trial.

However, defence counsel, E. Inegedu, SAN, urged the court to retain the bail conditions earlier granted to Ayeni in May 2026.

Inegedu told the court that his client had consistently attended proceedings and complied with the conditions, including the submission of his international passport and provision of sureties.

The prosecution did not oppose the request, leaving the matter to the discretion of the court.

Both parties acknowledged that Ayeni had attended previous proceedings without any reported breach of his bail conditions.

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