The Economic and Financial Crimes Commission has re-arraigned the former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court in Apo, Abuja, over an alleged N15.6bn fraud.
Ayeni was on Thursday re-arraigned before Justice Jude Onwuegbuzie on an amended 18-count charge bordering on alleged criminal breach of trust, misappropriation and diversion of depositors’ funds.
The former bank chairman pleaded not guilty to all the charges.
Thursday’s proceedings marked the third time Ayeni has taken his plea in the case. He was first arraigned on May 4, 2026, before being re-arraigned on June 22 following amendments to the charge.
According to the EFCC, the defendant allegedly diverted and misappropriated depositors’ funds amounting to N15.6bn while serving as chairman of the board of the defunct Skye Bank, now Polaris Bank Limited.
In one of the counts, the anti-graft agency alleged that Ayeni, on or about November 20, 2014, dishonestly transferred N3.11bn from the bank’s suspense account to an account belonging to Misa Limited domiciled with Zenith Bank, contrary to the provisions of the Penal Code.
Another charge accused him of directing the transfer of N5.08bn from the same suspense account to Greenwich Registrars’ account with Union Bank on December 2, 2014, an act the EFCC described as criminal breach of trust.
Following the defendant’s plea, prosecuting counsel, Abba Muhammed (SAN), informed the court that the prosecution was ready to commence trial, adding that its first witness was already in court.
However, defence counsel, Olalekan Ojo (SAN), objected to the immediate commencement of trial, arguing that the prosecution had yet to file the summary of the witness’s statement as required.
Muhammed countered that the witness’s statement had already been filed alongside the second amended charge.
In his ruling, Justice Onwuegbuzie held that the prosecution had complied with the necessary legal requirements and dismissed the defence’s objection.
The judge subsequently adjourned the matter until July 20, 22 and 23, 2026, for the commencement and continuation of trial.
The EFCC is prosecuting Ayeni for alleged offences contrary to Sections 311 and 312 of the Penal Code, maintaining that the alleged transactions amounted to criminal breach of trust involving depositors’ funds.
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