By The Economic and Financial Crimes Commission has arraigned former Skye Bank Chairman, Tunde Ayeni, before a Federal Capital Territory High Court in Abuja over an alleged N15.6 billion fraud..
Ayeni was brought before Justice Jude Onwuzuruike of the FCT High Court, Apo, on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds.
According to the prosecution, led by E.E. Iheanacho (SAN), the charges stem from alleged transactions carried out while Ayeni served as Chairman of the defunct Skye Bank Plc. The prosecution urged the court to proceed with the arraignment, stating it was ready for trial.
Details presented in court allege that Ayeni dishonestly diverted billions of naira from depositors’ funds into private accounts in violation of regulatory guidelines.
One of the counts accuses him of misappropriating over N3.2 billion through transfers to accounts linked to a company, while another alleges the diversion of more than N5 billion to a separate corporate account in 2014. The offences, according to the EFCC, contravene provisions of the Penal Code relating to breach of trust.
The defendant, however, pleaded “not guilty” to all charges. Following his plea, the prosecution requested a trial date and asked the court to remand him in custody.
Defence counsel, Ahmed Raji (SAN), urged the court to grant his client temporary release, noting that the charges were served on a public holiday.
In his ruling, Justice Onwuzuruike adjourned the matter to May 13, 2026, for the hearing of the bail application and ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail.
Tunde Ayeni and the Economic Financial Crimes Commission (EFCC)
In previous encounters with the Economic and Financial Crimes Commission (EFCC), former Skye Bank Chairman, Tunde Ayeni, has repeatedly come under investigation over alleged financial improprieties, according to a report by Peoples Gazette.
In November 2016, he was arrested in connection with a probe involving former FCT Minister Bala Mohammed over the controversial allocation of 54 plots of land in Abuja, amid claims of large-scale land racketeering. Although Ayeni was later released without charge, the episode marked one of his early brushes with anti-graft investigators.
The EFCC’s scrutiny resurfaced in December 2018 when Ayeni was arrested and arraigned before a Federal High Court in Abuja on an eight-count charge bordering on money laundering involving N4.75 billion and $5 million.
He was docked alongside former Skye Bank Managing Director, Timothy Oguntayo, with prosecutors alleging that funds were siphoned from the bank through a network of suspense accounts and affiliated companies. Both men pleaded not guilty and were subsequently granted bail.
The legal battles deepened in March 2019 when the EFCC filed fresh charges against Ayeni in two separate courts. Before an FCT High Court, he faced allegations of criminal breach of trust involving N4.597 billion, while a Federal High Court case accused him of laundering up to N25.4 billion, which was later withdrawn.
The commission alleged that large sums were withdrawn from Skye Bank’s suspense accounts and diverted to companies linked to him, with one charge claiming he converted over N17 billion in cash during his tenure as chairman.
Prosecutors also alleged that Ayeni authorised the disbursement of N1 billion from the bank’s funds to support the campaign of former President Goodluck Jonathan. Ayeni, however, pleaded not guilty to all charges, maintaining his innocence as the cases unfolded.
Ayeni’s most recent arrest marks his biggest legal challenge yet, with fresh allegations involving N36.54 billion and $30 million. Investigators allege the funds were channelled through about 12 companies linked to him, using loans obtained from Polaris Bank for purposes that were reportedly misrepresented.
The case also introduces a new layer of complexity, as it is said to be connected to the controversial NITEL/MTEL/NATCOM privatisation deal,
