The Economic and Financial Crimes Commission (EFCC), on Monday, May 4, 2026, arraigned former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, before Justice Jude Onwuzuruike of the Federal Capital Territory (FCT) High Court, Apo, Abuja.
Ayeni is facing a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to ₦15,665,085,429.
Prosecution counsel, E.E. Iheanacho, SAN, informed the court that the matter was slated for arraignment and that the prosecution was ready to proceed. The charges, dated April 28, 2026, were subsequently read to the defendant.
One of the counts alleges that Ayeni, while serving as Chairman of Skye Bank Plc between October and November 2014, dishonestly misappropriated ₦3.2 billion from depositors’ funds in the bank’s suspense account, transferring same to Misa Limited’s accounts domiciled with Zenith Bank. Another count accuses him of misappropriating ₦5.07 billion by transferring funds to Union Registrar Limited’s account with Union Bank, in violation of prudential guidelines and banking regulations.
Ayeni pleaded not guilty to all charges. Following his plea, Iheanacho applied for a trial date and urged the court to remand the defendant in a correctional facility.
Defence counsel, Ahmed Raji Bashir, SAN, noted that the charge was served on his client during a public holiday and prayed the court to release Ayeni to his custody or return him to EFCC custody.
Justice Onwuzuruike adjourned the matter to May 13, 2026, for hearing of the bail application and ordered that Ayeni be remanded at the Kuje Correctional Centre pending determination of bail.
... EFCC Arraigns Ex-Skye Bank Chairman Tunde Ayeni on ₦15.6bn Fraud Charges ... Naijaonpoint.