The Economic and Financial Crimes Commission (EFCC) has officially arraigned Tunde Ayeni, the former Chairman of the defunct Skye Bank Plc, over an alleged N15.6 billion fraud.
The arraignment took place on Monday before Justice Jude Onwuzuruike at the Federal Capital Territory High Court in Apo, Abuja.
Ayeni faces a 17-count charge involving criminal breach of trust, misappropriation, and the illegal conversion of investors' funds.
According to the EFCC, Ayeni allegedly diverted depositors' money into private accounts between October and November 2014.
One specific count alleged that he transferred over N3.2 billion to Misa Limited in violation of banking regulations. “Ayeni, whilst being the Chairman... having dominion over depositors' funds... committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of N3,201,535,429.42,” the charge sheet stated.
Despite pleading not guilty to all charges, the prosecution, led by E.E. Iheanacho, SAN, requested that the defendant be remanded.
While Ayeni’s legal team argued for bail, Justice Onwuzuruike ordered that he be remanded at the Kuje Correctional Centre.
According to Qubes Magazine, this trial follows years of investigations into the collapse of Skye Bank. The matter has been adjourned to May 13, 2026, for a hearing on the bail application.
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