Former Skye Bank MD Tunde Ayeni re-arraigned over N15.6bn fraud

The Economic and Financial Crimes Commission on Monday, June 22, 2026, re-arraigned prominent businessman Tunde Ayeni, former Chairman of the Board of Directors of defunct Skye Bank Plc (now Polaris Bank Limited), before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo, Abuja, on fresh allegations of N15.6 billion fraud.

Ayeni faced an amended 18-count charge bordering on criminal breach of trust, misappropriation and diversion of depositors’ funds. The development came after the EFCC submitted additional proof of evidence in the high-profile case.

Prosecution counsel Abba Muhammed (SAN) informed the court of the amended charge during proceedings, while defence counsel Abdul Mohammed (SAN) confirmed receipt of the documents. Ayeni pleaded not guilty to all counts when they were read to him.

One of the charges detailed how, on or about September 18, 2014, Ayeni allegedly dishonestly misappropriated N510 million from the bank’s Suspense Account by transferring it to Capital Field Investment Group Limited’s account, in violation of the bank’s operational policy manual.

A similar count alleged the transfer of N600 million to Harigold Ventures Limited on September 23, 2014.

This marks the second arraignment of the former bank chief, who first appeared before the same court on May 4, 2026, on a 17-count charge.
The case has drawn significant attention given Ayeni’s influential position in Nigeria’s banking and business circles during his tenure at Skye Bank.

Justice Onwuegbuzie adjourned the matter to July 6, 2026, for the commencement of trial. The EFCC maintains that the alleged actions undermined the integrity of the financial institution and affected public trust in the sector.

Ayeni’s legal team is expected to mount a robust defence as the matter progresses.

The re-arraignment underscores the commission’s determination to pursue high-level accountability in the banking industry, where past scandals have left lasting scars on Nigeria’s financial system.