Economic and Financial Crimes Commission (EFCC), yesterday, arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory (FCT) High Court in Apo, Abuja, over an alleged N15.6 billion fraud.

This was as Justice Rahman Oshodi of a Lagos Special Offences Court sitting in Ikeja ruled that the extrajudicial statement made by Henry Omoile, co-defendant to the erstwhile Central Bank of Nigeria (CBN) governor, Godwin Emefiele, is admissible in court.

Ayeni was docked before Justice Jude Onwuzuruike on 17 counts bordering on criminal breach of trust, misappropriation and conversion of depositors’ funds allegedly diverted from the bank’s suspense accounts.

According to the EFCC, the alleged offences were committed in 2014 while Ayeni served as chairman of the bank’s Board of Directors.

The anti-graft agency accused him of unlawfully transferring billions of naira to accounts linked to companies, including Misa Limited and Union Registrar Limited, in violation of banking regulations and prudential guidelines.

One of the counts alleged that Ayeni transferred over N3.2 billion from the bank’s suspense account into accounts belonging to Misa domiciled with Zenith Bank. Another accused him of misappropriating N5.07 billion allegedly transferred to Union Registrar account with Union Bank.

At the proceedings, EFCC prosecuting counsel, Ekene Iheanacho (SAN), informed the court that the commission was ready for trial and urged the court to remand the defendant following his “not guilty” plea.

Defence counsel, Ahmed Bashir (SAN), however, asked the court to release Ayeni to him or return him to EFCC custody pending the hearing of his bail application.

Onwuzuruike adjourned the matter till May 13, 2026, for hearing of the bail application and ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of bail.

IN his case, Omoile had challenged the admissibility of his statements to EFCC, alleging that they were obtained under oppression and inducement.

This contention prompted the court to conduct a “trial-within-trial” to determine the voluntariness or otherwise of the statements.

Omoile is facing three charges bordering on unlawful acceptance of gifts as an agent, while Emefiele is standing trial on 19 counts filed by the EFCC, bordering on alleged gratification and corrupt demands during his tenure as CBN governor. Both defendants pleaded not guilty to all the counts.

At the resumed proceedings yesterday, C.C. Okezie appeared for the prosecution, while Labi Lawal (SAN) represented both the first and second defendants.

While delivering the ruling, Justice Oshodi held that the prosecution had successfully established that the statements obtained on February 26, 2024, were made voluntarily and not under any form of inducement, threat or coercion.

The court further held that the statements made on February 26, 2024, marked as Exhibits 1–3, were not obtained under duress and were therefore admissible in evidence.

However, the court rejected the statement dated February 27, 2024, on the sole ground that it was not made in the presence of a legal practitioner nor recorded on video, as required by the law.

Oshodi subsequently adjourned the case till June 26, 30 and July 6 and 8, 2026, for continuation of the trial.