N15.6bn fraud case: EFCC re-arraigns former Skye Bank Chairman, Ayeni
Former Skye Bank Chairman Re-Arraigned on N15.6 Billion Fraud Charges
The Economic and Financial Crimes Commission (EFCC) has re-arraigned Tunde Ayeni, former Chairman of the Board of Directors of the defunct Skye Bank Plc, now known as Polaris Bank Limited, on allegations of committing fraud amounting to N15.6 billion.
This announcement came during court proceedings on June 22, 2026, before Justice Jude Onwuegbuzie at the Federal Capital Territory High Court in Apo, Abuja. The re-arraignment involves an amended 18-count charge highlighting alleged criminal breach of trust, misappropriation, and diversion of funds.
Prosecutor Abba Mohammed, SAN, informed the court that the updated charges and supplementary evidence were filed earlier that day. In response, defense counsel Abdul Mohammed, SAN, confirmed receipt of the amended charges.
Among the allegations, the EFCC claims that Ayeni unlawfully transferred N510 million from a suspense account of Skye Bank to an account held by Capital Field Investment Group Limited in September 2014. This action reportedly contravened the bank’s operational policy and is included in the charges of criminal breach of trust.
Additionally, Ayeni faces accusations of transferring N600 million from the same suspense account to Harigold Ventures Limited during the same month, which the EFCC regards as another instance of criminal breach of trust.
The charge against Ayeni states, “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), committed criminal breach of trust when you dishonestly misappropriated the sum of Five Hundred and Ten Million Naira (N510,000,000).”
Ayeni pleaded not guilty to all charges when presented in court.
Previously, Ayeni was arraigned by the EFCC on May 4, 2026, on a 17-count charge before the number was increased to 18 after amendments were made.
Following the plea, Justice Onwuegbuzie adjourned the case until July 6, 2026, to commence trial.
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