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.

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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

Xenophobia: Nigeria Demands Justice Over Killing of Citizens in South Africa

The Federal Government has stepped up diplomatic pressure on South Africa, demanding a thorough and impartial investigation into the deaths of two Nigerians, as concerns grow over renewed xenophobic tensions targeting foreign nationals.

The position was made known by the spokesperson of the Ministry of Foreign Affairs, Mr. Kimiebi Imomotimi Ebienfa, following a high-level meeting in Abuja between Nigerian officials and South Africa’s diplomatic representatives.

The meeting involved the Permanent Secretary of the Ministry, Ambassador Dunoma Umar Ahmed, and the Acting High Commissioner of South Africa to Nigeria, Lesoli Machele, among other diplomats, and was held on the directive of the Minister of Foreign Affairs, Ambassador Bianca Odumegwu Ojukwu.

Nigeria expressed deep concern over ongoing protests in parts of South Africa where groups have reportedly called for foreigners—particularly black Africans—to leave the country, warning that the situation has heightened fear among Nigerians living there.

The government confirmed the deaths of two Nigerians—Nnaemeka Matthew Andrew Ekpeyong and Kelvin Chidiebere Amaramiro—who allegedly died after sustaining injuries while in the custody of South African security agencies. According to officials, Ekpeyong died on April 21, 2026, while in the custody of the Tshwane Metro Police Department, after reportedly suffering injuries linked to personnel of the South African National Defence Force (SANDF). Amaramiro, on the other hand, died on April 25, 2026, at Livingstone Hospital in the Eastern Cape following an alleged assault by SANDF personnel.

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The Federal Government described the incidents as disturbing and said they have triggered anxiety within the Nigerian community, calling for urgent and credible remedial action.

Nigeria has formally demanded a transparent investigation into the deaths, including access to autopsy reports, post-mortem documentation, and relevant case files. It also stressed the need for accountability, insisting that any personnel found culpable must face appropriate disciplinary and legal consequences.

Beyond the specific incidents, Nigeria raised alarm over broader threats against foreign nationals, urging South African authorities to take proactive steps to prevent incitement, intimidation, and violence.

As part of diplomatic measures, Nigeria is fast-tracking the implementation of a bilateral Early Warning Mechanism designed to improve rapid response to xenophobic threats. The government confirmed that it recently received a signed copy of the Memorandum of Understanding (MoU) from South Africa and is pushing for its immediate activation.

Officials say the mechanism will serve as a practical channel for intelligence sharing, early alerts, and de-escalation whenever threats to Nigerians arise.

The government also called on South Africa to ensure the safety and dignity of Nigerians residing lawfully in the country, emphasizing the need to rebuild confidence among the diaspora community.

Meanwhile, Nigeria acknowledged recent protests by its citizens at the South African High Commission in Abuja but urged restraint, while assuring that diplomatic engagement remains ongoing.

During discussions, concerns were raised over the lack of arrests and what many perceive as repeated assurances without concrete action. In response, the Nigerian government stressed that it expects more than verbal commitments.

“We are not satisfied with just statements. We need actions,” the ministry’s spokesperson said, underscoring Nigeria’s demand for tangible outcomes.

On the issue of Nigerians seeking to return home, the government noted that there are different categories of returnees, including those who feel unsafe and those facing documentation challenges. While voluntary return remains self-funded for now, officials indicated that government intervention could be considered if the situation deteriorates further.

Analysts say the latest development underscores recurring tensions in Nigeria–South Africa relations, particularly around xenophobic violence, and highlights the need for sustained diplomatic engagement and stronger enforcement mechanisms to protect foreign nationals.

Xenophobia: Nigeria Demands Justice Over Killing of Citizens in South Africa

NCC Orders Airtel, MTN to Compensate Subscribers for Poor Network Service

Relief is gradually reaching telecom users across Nigeria as major network operators have begun issuing airtime compensation to subscribers affected by poor service quality, following a regulatory directive from the Nigerian Communications Commission (NCC).

The development stems from the NCC’s order requiring operators to compensate customers for failing to meet approved Quality of Service (QoS) standards between November 2025 and January 2026.

One of Nigeria’s largest operators, Airtel Nigeria, has started notifying eligible subscribers via SMS. The company, which reportedly serves over 63 million users nationwide, informed customers that airtime credits had been applied as compensation for service disruptions during the review period. The SMS notification reads: *“Dear customer, you have been credited with compensation airtime for service quality issues (Nov 2025 – Jan 2026). Dial 310# to check. Thank you.” Subscribers reported receiving varying amounts, typically ranging from about ₦167 to over ₦500, depending on usage patterns and the severity of service disruption in their locations. Most payouts remain below ₦1,000.

Another major operator, MTN Nigeria, has also reportedly begun issuing compensation to affected users for network issues experienced in January 2026. Some subscribers received airtime credits ranging from ₦20 to over ₦341, confirming a broader rollout of the NCC directive across major telecom networks.

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According to NCC Executive Vice Chairman Aminu Maida, the compensation is not a government refund but a mandatory compliance requirement placed on operators to ensure accountability. He explained that the initiative is designed to restore value to consumers who experienced poor service and to enforce stricter adherence to performance benchmarks across the telecom industry.

Under the framework, compensation applies only to subscribers in affected Local Government Areas (LGAs) where network performance dropped below acceptable thresholds. Telecom operators are expected to use network data to automatically identify affected areas and customers, meaning subscribers do not need to apply manually or visit service centres.

To qualify, a subscriber must have been in a poorly serviced LGA and engaged in at least one billed activity—such as a call, SMS, or data session—during the affected period. The compensation is issued as “clean credit,” meaning it does not expire and can be used for calls, data, or text messages.

Alongside compensation, the NCC is also pushing operators to improve service quality through large-scale infrastructure investments. The regulator says telecom companies have committed to over 12,000 network upgrade projects in 2026, a significant increase from the previous year. Industry sources also indicate that at least one major operator has pledged over $1 billion in fresh capital expenditure to strengthen network capacity and reduce congestion.

While many customers have welcomed the compensation as a step toward accountability, some say the amounts are too small compared to the inconvenience experienced. A Lagos-based banker, Toyin Adekunle, noted that while she received ₦295, it did not reflect the extent of service disruption she faced during the festive season.

Industry analysts, however, argue that the policy’s real impact lies not in the payouts but in forcing operators to improve network reliability. They note that sustained compliance with QoS standards could eventually reduce or eliminate the need for compensation altogether.

NCC Orders Airtel, MTN to Compensate Subscribers for Poor Network Service