The Economic and Financial Crimes Commission (EFCC), on Monday, May 4, 2026, arraigned former Chairman of the Board of Directors of defunct Skye Bank Plc, Tunde Ayeni, before Justice Jude Onwuzuruike of the Federal Capital Territory (FCT) High Court, Apo, Abuja.
Ayeni was arraigned on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds to the tune of ₦15,665,085,429 (Fifteen Billion, Six Hundred and Sixty-Five Million, Eighty-Five Thousand, Four Hundred and Twenty-Nine Naira).
Prosecution counsel, E. E. Iheanacho, SAN, informed the court that the matter was slated for arraignment and that the prosecution was ready for trial.
“We have before the court a 17-count charge dated April 28, 2026. We humbly apply that the charge be read to the defendant,” he said.
Count Three of the charge reads:
“That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc, between October 21 and November 19, 2014, in Abuja, within the jurisdiction of this Honourable Court, and having dominion over depositors’ funds domiciled in Skye Bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of ₦3,201,535,429.42 by transferring same to Misa Limited’s accounts (Nos. 1011295717 and 1011295718) domiciled with Zenith Bank, in violation of prudential guidelines and other regulations, thereby committing an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.”
Count Five reads:
“That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc, on or about November 27, 2014, in Abuja, within the jurisdiction of this Honourable Court, and having dominion over depositors’ funds domiciled in Skye Bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of ₦5,078,550,000 by transferring same to Union Registrars Limited’s account (No. 0003490559) domiciled with Union Bank, in violation of prudential guidelines and other regulations, thereby committing an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.”
Ayeni pleaded “not guilty” to all charges when they were read to him.
Following his plea, Iheanacho urged the court to fix a trial date and remand the defendant in a correctional centre.
Defence counsel, Ahmed Raji Bashir, SAN, informed the court that the charge was served on the defendant on a public holiday and urged the court to either release him to counsel or return him to EFCC custody.
Justice Onwuzuruike adjourned the matter to May 13, 2026, for the hearing of the bail application and ordered that the defendant be remanded at the Kuje Correctional Centre pending the determination of the bail application.
