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ABUJA, NIGERIA – The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Chairman of the defunct Skye Bank Plc, Mr. Tunde Ayeni, before the Federal Capital Territory High Court in Abuja over an alleged N15.6 billion financial fraud.
Ayeni, who served as Chairman of the bank’s Board of Directors before its transition to Polaris Bank Limited, appeared before Justice Jude Onwuegbuzie of the FCT High Court, Apo, on Monday to answer an amended 18-count charge bordering on alleged criminal breach of trust, diversion of funds, and misappropriation of depositors’ money.
The anti-graft agency said the amended charge was filed following the submission of additional proof of evidence on June 22, 2026, aimed at strengthening its case against the former banking executive.
During the proceedings, lead prosecution counsel, Chief Abba Mohammed (SAN), informed the court that the EFCC had reviewed and amended the original charge sheet. Defence counsel, Chief Abdul Mohammed (SAN), confirmed receipt of the amended documents and indicated readiness to proceed.
According to the prosecution, the allegations stem from transactions allegedly carried out while Ayeni presided over the affairs of the former Skye Bank. Investigators claim that substantial sums were unlawfully transferred from the bank’s suspense account to accounts belonging to private companies.
One of the counts alleges that on September 18, 2014, Ayeni, while exercising authority over funds held in the bank’s suspense account, approved the transfer of N510 million to an account belonging to Capital Field Investment Group Limited.
Another charge accuses him of authorising the movement of N600 million on September 23, 2014, to an account linked to Harigold Ventures Limited domiciled with Sterling Bank.
The EFCC maintains that the transactions violated established banking regulations and constituted criminal offences under the provisions of the Penal Code.
When the amended charges were read before the court, Ayeni entered a plea of not guilty to all counts.
The former bank chairman was initially arraigned on May 4, 2026, on a 17-count charge before the anti-corruption agency expanded the case with an additional count following further investigations.
The latest development marks a significant stage in one of the high-profile financial crime cases involving a former top executive in Nigeria’s banking sector. The trial is expected to continue as the prosecution presents evidence to support its allegations, while the defence prepares to challenge the claims in court.
The case is being closely monitored by stakeholders in the financial industry, given its implications for corporate governance, accountability, and the management of depositors’ funds within Nigeria’s banking system.
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