EFCC Re-Arraigns Ex-Skye Bank Chairman Tunde Ayeni Over Alleged ₦15.6bn Fraud
The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Chairman of Skye Bank, Tunde Ayeni, before the Federal Capital Territory High Court in Maitama, Abuja, over allegations of criminal breach of trust, misappropriation and diversion of ₦15.6 billion belonging to the defunct financial institution.
Ayeni was re-arraigned on Wednesday, November 11, 2026, before Justice Hamza Mu’azu on an amended 18-count charge. The latest proceeding marks the fourth time he has been brought before the court for arraignment in the case since May 2026.
The re-arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the Apo Division of the FCT High Court to Justice Mu’azu of the Maitama Division. However, the EFCC did not disclose the circumstances surrounding the reassignment.
The anti-graft agency initially arraigned Ayeni on May 4, 2026, before bringing him back to court on June 22. In July, the commission amended the charges, expanding them to 18 counts bordering on alleged criminal breach of trust, misappropriation and diversion of funds totalling ₦15.6 billion.
The amended charges were retained during Wednesday’s proceedings, as Ayeni pleaded not guilty to all the allegations.
Following the plea, prosecution counsel, Abba Muhammed, SAN, requested a date for the commencement of trial.
However, defence counsel, E. Inegedu, urged the court to allow his client to continue enjoying the bail previously granted to him.
Inegedu argued that Ayeni had consistently complied with the existing bail conditions and attended all court proceedings since the commencement of the prosecution. He maintained that the former bank chairman had never jumped bail and that there was no justification for withdrawing the freedom previously granted to him.
The defence therefore asked the court to preserve the existing bail arrangement despite the transfer of the case to another judge.
In response, prosecution counsel did not oppose the application, leaving the decision on Ayeni’s bail to the discretion of the court.
After listening to both parties, Justice Mu’azu adjourned the matter until January 19, 2027, for the commencement of trial.
The EFCC’s statement announcing the proceedings did not clarify whether the court approved the defence’s request for Ayeni to continue on his previous bail.
The prosecution is part of the commission’s efforts to establish allegations that funds belonging to the defunct Skye Bank were unlawfully diverted or misappropriated through financial transactions involving the former chairman.
Ayeni served as Chairman of Skye Bank until July 2016, when the Central Bank of Nigeria (CBN) dissolved the bank’s board and management following regulatory concerns over its deteriorating financial condition.
The intervention was aimed at addressing the bank’s financial challenges and stabilising its operations.
In September 2018, the CBN revoked Skye Bank’s banking licence and transferred its assets and liabilities to Polaris Bank, a bridge bank established by the regulator to take over its operations.
Ayeni did not continue with Polaris Bank following the regulatory intervention.
His current prosecution centres on the alleged financial transactions involving the defunct bank, with the EFCC pursuing the 18-count charge against him.
With the latest arraignment, the case has recorded several procedural developments, including multiple arraignments, amendments to the charges and reassignment to a new judge.
Ayeni, however, continues to deny the allegations, having maintained his not-guilty plea before the court.
