The Economic and Financial Crimes Commission (EFCC) has arraigned former Skye Bank Chairman, Tunde Ayeni, for the fourth time over alleged criminal breach of trust, misappropriation and diversion of ₦15.6 billion belonging to the defunct financial institution.
Ayeni appeared on Wednesday, November 11, 2026, before Justice Hamza Mu’azu of the Federal Capital Territory High Court, Maitama, Abuja, on an amended 18-count charge.
The latest arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the court’s Apo Division to Justice Mu’azu. The EFCC did not disclose the reason for the reassignment.
The former bank chairman was initially arraigned on May 4, 2026, and re-arraigned on June 22. The commission subsequently amended the charges in July, expanding them to 18 counts bordering on alleged criminal breach of trust, misappropriation and diversion of funds totalling ₦15.6 billion.
Ayeni pleaded not guilty to all the charges.
Following his plea, prosecution counsel, Abba Muhammed, SAN, asked the court to fix a date for the commencement of trial.
However, defence counsel, E. Inegedu, urged the court to allow his client to retain the bail earlier granted to him. He told the court that Ayeni had complied with the bail conditions and consistently attended proceedings, insisting that he had never jumped bail.
The prosecution did not oppose the request, leaving the decision to the court.
Justice Mu’azu subsequently fixed January 19, 2027, for the commencement of trial. The EFCC did not state whether the court formally approved the request for continuation of the existing bail arrangement.
Ayeni served as chairman of Skye Bank until July 2016, when the Central Bank of Nigeria removed the bank’s board and management following regulatory concerns over its financial condition.
In September 2018, the CBN revoked the bank’s operating licence and transferred its assets and liabilities to Polaris Bank, which was established as a bridge bank.
The EFCC is prosecuting Ayeni over alleged financial transactions involving the defunct bank. He has maintained his innocence and pleaded not guilty to the amended charges.
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