ABUJA - The Economic and Financial Crimes Commission (EFCC) has officially arraigned Tunde Ayeni, the former Chairman of the defunct Skye Bank Plc, over an alleged N15.6 billion fraud. The proceedings took place on Monday before Justice Jude Onwuzuruike at the High Court of the Federal Capital Territory (FCT).

The 17-Count Charge

The EFCC presented a massive 17-count charge against Ayeni, bordering on criminal breach of trust, misappropriation, and the conversion of investors’ funds. The total sum in question is N15,665,085,429.

The specific allegations include:

    •    Suspense Account Diversion: Ayeni is accused of transferring over N3.2 billion from Skye Bank’s suspense account to Misa Limited’s accounts at Zenith Bank.

    •    Illegal Fund Transfer: Another count alleges the misappropriation of N5.07 billion via a transfer to Union Registrar Limited in violation of prudential guidelines.

    •    Dominion Over Funds: The prosecution claims Ayeni used his position as Chairman to exercise unauthorized dominion over depositors' funds.

Not Guilty Plea and Remand

Despite the weight of the evidence presented by EFCC lawyer Ekele Iheanacho, SAN, Ayeni pleaded "not guilty" to all counts.

While Ayeni’s lawyer, Ahmed Raji, SAN, attempted to secure his release or have him returned to EFCC custody, Justice Onwuzuruike took a tougher stance. The judge ordered that Ayeni be remanded at the Kuje Correctional Centre until the determination of his bail application.

The matter has been adjourned to May 13, 2026, for the bail hearing.