EFCC Arraigns Ex-Skye Bank Chairman Over Alleged ₦36bn Misappropriation

EFCC Arraigns Ex-Skye Bank Chairman Over Alleged ₦36bn Misappropriation

The Economic and Financial Crimes Commission (EFCC) has arraigned the former Chairman of the Board of Directors of the defunct Skye Bank Plc, Mr. Tunde Ayeni, before the High Court of the Federal Capital Territory (FCT) sitting in Apo, Abuja, over alleged large-scale financial misconduct.

Ayeni was docked on Monday on a 17-count charge bordering on criminal breach of trust, misappropriation of funds, and unlawful transfer of depositors’ money. He is accused of diverting funds allegedly worth about ₦36 billion during his tenure as chairman of the bank.

The EFCC told the court that between October 21 and November 19, 2014, Ayeni allegedly had control over depositors’ funds domiciled in the bank’s suspense account and dishonestly misappropriated ₦3.2 billion. The agency further alleged that the funds were transferred to Misa Limited’s account with Zenith Bank Plc in violation of banking regulations, including prudential guidelines governing financial institutions.

The offences, according to the prosecution, contravene Sections 311 and 286 of the Penal Code and are punishable under Sections 312 and 287 of the same law.

READ ALSO:

• Naira Holds Steady Against Dollar Across Official, Parallel Markets
• Chelsea Sink to 33-Year Low After Nottingham Forest Defeat
• Crisis Rocks NDC in Kano as Leadership Opposes Kwankwaso Takeover

When the charges were read in open court, Ayeni pleaded not guilty to all counts.

Following his plea, EFCC prosecuting counsel, Senior Advocate of Nigeria (SAN) Ekele Iheanacho, urged the court to fix a date for trial and requested that the defendant be remanded in custody pending commencement of proceedings.

Ayeni’s counsel, Ahmed Raji (SAN), informed the court that a bail application had already been filed and served on the prosecution. He urged the court to grant a short adjournment to allow the application to be heard, describing his client as a seasoned legal practitioner of over 35 years and assuring the court that he would ensure the defendant’s appearance at subsequent hearings.

After listening to both sides, Justice Jude Onwuegbuzie adjourned the matter to May 13, 2026, for hearing of the bail application. The judge also ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail request.

The case is part of ongoing EFCC efforts to prosecute legacy financial sector cases linked to alleged corporate governance failures and mismanagement in the banking sector, particularly around the period leading to the restructuring of Skye Bank, which was later replaced by Polaris Bank following regulatory intervention by the Central Bank of Nigeria.

EFCC Arraigns Ex-Skye Bank Chairman Over Alleged ₦36bn Misappropriation