EFCC re-arraigned Tunde Ayeni for alleged N15.6b fraud

The Economic and Financial Crimes Commission (EFCC) on Thursday re-arraigned Tunde Ayeni, before Justice Jude Onwuegbuzie of the Federal Capital Territory, FCT High Court, Apo, for fraud.

Ayeni, former Chairman, Board of Directors of defunct Skye Bank Plc, (now Polaris Bank Limited), was re-indicted on an amended 18-count indictment.

He was indicted on May 4, 2026, and re-indicted on June 22, 2026. Thursday’s retrial was the third time he presented his defense in court.

The EFCC tried him on 18 charges that included criminal breach of trust, misappropriation and diversion of funds amounting to N15.6 billion.

Count eight reads: “That you Tunde Ayeni, while Chairman, of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about November 20, 2014 in Abuja within the jurisdiction of this Honorable court and having power over the funds of depositors domiciled in the defunct Skye Bank Plc Suspense Account, committed a criminal breach of trust when you dishonestly misappropriated the aggregate sum of Three Billion One Hundred Thirteen Million Five Hundred Forty Three Thousand Six Hundred Sixty Five Naira Forty Two Kobo (N3,113,543,665.42) by directing the transfer of the same to the account of Misa Limited No:1011295717, domiciled at Zenith Bank in breach of your contract with the defunct Skye Bank Plc and thereby committing an offense contrary to section 311 of the Criminal Code and punishable under section 312 of the same Act.”

Count nine reads: “That you Tunde Ayeni, while Chairman, of the Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about December 2, 2014 at Abuja within the jurisdiction of this Honorable Court and having power over the funds of depositors domiciled in the defunct Skye Bank Plc Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sums of Five Billion, Seventy Eight Million, Five Hundred Fifty Thousand Naira (N5,078,550,000) by directing the transfer of the same to the account of the Greenwich Registrar No:0003490559 domiciled at Union Bank in breach of your contract with the defunct Skye Bank Plc and thereby committing an offense contrary to section 311 of the Criminal Code and punishable under section 312 of the same Act.”

The accused pleaded “not guilty” when the charges were read to him, after which the prosecutor, Abba Muhammed, SAN, told the court that his team was ready to proceed with the trial and the First Prosecution Witness had appeared in court. However, the request for the trial to begin immediately was opposed by Olalekan Ojo’s attorney, SAN, who argued that the prosecutor had not submitted a summary of witness statements.

The prosecutor, in response, revealed that a summary of the witness statements was filed along with the second amended indictment.

Judge Jude Onwuegbuzie, in disposing of the case, stated that the prosecution had fulfilled the necessary requirements. He then postponed the case until 20, 22 and 23 July 2026 for the continuation of the trial.