EFCC Rearraigns Tunde Ayeni Over Alleged N15.6 billion Fraud
A former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, Tunde Ayeni was Thursday re-arraigned on sn 18-count amended charge, by the Economic and Financial Crimes Commission, EFCC.
A former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, Tunde Ayeni
was Thursday re-arraigned on sn 18-count amended charge, by the Economic and Financial Crimes Commission, EFCC.
Ayeni was re-arraigned before Justice Jude Onwuegbuzie of the Federal Capital Territory, FCT High Court, Apo, for alleged fraud related offences.
He was earlier arraigned on May 4, 2026, re-arraigned on June 22, 2026, with Thursday's re-arraignment making it the third time he is taking his plea in court.
The EFCC is prosecuting him on charges bordering on criminal breach of trust, misappropriation, and diversion of funds to the tune of N15.6 billion.
Count eight reads: "That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about the November 20, 2014 at Abuja within the jurisdiction of this Honourable court and having dominion over depositors' funds domiciled in the defunct Skye Bank Plc's Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of N3,113,543,665.42, by directing the transfer of same to Misa Limited's account No:1011295717, domiciled with Zenith Bank in violation of your contract with the defunct Skye Bank Plc and thereby committed an offence contrary to section 311 of the Penal Code and punishable under section 312 of same Act."
The EFCC is prosecuting him on charges bordering on criminal breach of trust, misappropriation, and diversion of funds to the tune of N15.6 billion.
Count eight reads: "That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about the November 20, 2014 at Abuja within the jurisdiction of this Honourable court and having dominion over depositors' funds domiciled in the defunct Skye Bank Plc's Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of N3,113,543,665.42, by directing the transfer of same to Misa Limited's account No:1011295717, domiciled with Zenith Bank in violation of your contract with the defunct Skye Bank Plc and thereby committed an offence contrary to section 311 of the Penal Code and punishable under section 312 of same Act."
Count nine reads: "That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about the 2nd of December, 2014 at Abuja within the jurisdiction of this Honourable Court and having dominion over depositors' funds domiciled in the defunct Skye Bank Plc's Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of N5,078,550,000 by directing the transfer of same to Greenwich Registrar's account No:0003490559 domiciled with Union Bank in violation of your contract with the defunct Skye Bank Plc and thereby committed an offence contrary to section 311 of the Penal Code and punishable under section 312 of same Act."
The defendant pleaded “not guilty” when the charges were read to him, following which prosecution counsel, Abba Muhammed, SAN, told the court that his team was ready to proceed with the trial and that the first Prosecution Witness was in court. The plea for the immediate commencement of trial, was however, opposed by the defence counsel, Olalekan Ojo, SAN, who argued that the prosecution had not filed the summary of the witness's statements.
The prosecution counsel, in response, disclosed that the summary of the witness’s statements was filed alongside the second amended charge.
Justice Jude Onwuegbuzie in resolving the matter, held that the prosecution had complied with the necessary requirements. He subsequently adjourned the matter till, July 20, 22, and 23, 2026, for continuation of trial.
The defendant pleaded “not guilty” when the charges were read to him, following which prosecution counsel, Abba Muhammed, SAN, told the court that his team was ready to proceed with the trial and that the first Prosecution Witness was in court. The plea for the immediate commencement of trial, was however, opposed by the defence counsel, Olalekan Ojo, SAN, who argued that the prosecution had not filed the summary of the witness's statements.
The prosecution counsel, in response, disclosed that the summary of the witness’s statements was filed alongside the second amended charge.
Justice Jude Onwuegbuzie in resolving the matter, held that the prosecution had complied with the necessary requirements. He subsequently adjourned the matter till, July 20, 22, and 23, 2026, for continuation of trial.
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