EFCC re-arrests former Skye Bank chair Ayeni over alleged N15.6 billion fraud.

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

EFCC spokesman Dele Oyewale announced that Ayeni was re‑arraigned on Monday before Justice Jude Onwuegbuzie on 18 amended charges, which include alleged criminal breach of trust, misappropriation and diversion of funds totalling N15.6 billion.

The re‑arraignment followed the EFCC’s submission of additional evidence in the case.

During the proceedings, prosecution counsel Abba Muhammed informed the court that the prosecution had filed an amended charge and additional evidence on 22 June 2026.

Defence counsel Abdul Mohammed confirmed that he had been duly served with the amended charge.

One of the charges alleges that Ayeni, while serving as Chairman of the Board of Directors of Skye Bank Plc, on or about 18 September 2014, dishonestly misappropriated N510 million from depositors’ funds held in the bank’s suspense account by transferring the money to Capital Field Investment Group Limited’s account.

The EFCC claims that the transfer violated the bank’s Operational Policy Manual and constituted an offence under Section 311 of the Penal Code, punishable under Section 312 of the same law.

“Count three of the charge 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 18th of September, 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 Five Hundred and Ten Million Naira (510,000,000) by transferring same to Capital Field Investment Group Limited’s account No:1770125552 domiciled with Skye Bank in violation of the defunct Skye Bank Plc Operational Policy Manual and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of Same Act.’”

Another count alleges that Ayeni, on 23 September 2014, misappropriated N600 million from the bank’s suspense account by transferring the funds to Harigold Ventures Limited’s account with Sterling Bank, also in violation of the bank’s Operational Policy Manual.

Count five 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 23rd September, 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 Six Hundred Million Naira (N600,000,000) by transferring same to Harigold Ventures Limited’s account No:0000834983 domiciled with Sterling Bank in violation of the defunct Skye Bank Plc Operational Policy Manual and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of Same Act.”

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

The former bank chairman was first arraigned on 4 May 2026 on a 17‑count charge.

Following his plea, Justice Onwuegbuzie adjourned the matter until 6 July 2026 for the commencement of trial.