N15.6bn Storm: EFCC Re-Arraigns Former Skye Bank Boss Tunde Ayeni

The Economic and Financial Crimes Commission (EFCC) re-arraigned Tunde Ayeni, the former Chairman of the Board of Directors of the now-defunct Skye Bank Plc (currently Polaris Bank Limited), on Monday before the Federal Capital Territory High Court in Apo, Abuja, over allegations of a N15.6 billion fraud.

Ayeni faced Justice Jude Onwuegbuzie, where he was re-arraigned on 18 amended charges related to criminal breach of trust, misappropriation, and diversion of funds totaling N15.6 billion.

According to EFCC spokesman Dele Oyewale, the re-arraignment occurred following the commission’s submission of additional evidence in the case. Prosecution counsel Abba Muhammed informed the court that an amended charge and supplementary evidence had been filed on June 22, 2026. In response, Ayeni’s defense counsel, Abdul Mohammed, confirmed that he had received the amended charge.

One specific charge alleged that, while serving as Chairman of the Board of Directors of the defunct Skye Bank Plc on or about September 18, 2014, Ayeni dishonestly misappropriated N510 million from depositors’ funds held in the bank’s suspense account by transferring the money to the account of Capital Field Investment Group Limited. The EFCC claims that this transfer violated the bank’s Operational Policy Manual and constitutes an offense under Section 311 of the Penal Code, punishable under Section 312 of the same law.

Another charge indicated that on September 23, 2014, Ayeni misappropriated N600 million from the bank’s suspense account by transferring the funds to the account of Harigold Ventures Limited at Sterling Bank, which also violated the bank’s Operational Policy Manual.

Count five states, “That you, Tunde Ayeni, while being the Chairman of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), on or about September 23, 2014, at Abuja, within the jurisdiction of this Honorable Court, having dominion over depositors’ funds in the defunct Skye Bank Plc’s Suspense Account, committed criminal breach of trust by dishonestly misappropriating the sum of Six Hundred Million Naira (N600,000,000), transferring it to Harigold Ventures Limited’s account No: 0000834983 at Sterling Bank, in violation of the defunct Skye Bank Plc Operational Policy Manual, thereby committing an offense contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.”

Ayeni pleaded not guilty to all 18 counts when they were read to him.

He was originally arraigned on May 4, 2026, on a 17-count charge. After his plea, Justice Onwuegbuzie adjourned the case until July 6, 2026, for the commencement of the trial.