EFCC re-arraigns Tunde Ayeni for Alleged N15.6b fraud

By Ayorinde Oluokun

Tunde Ayeni, a prominent businessman and former Chairman, Board of Directors of the defunct Skye Bank Plc, (now Polaris Bank Limited) was re-arraigned before Justice Jude Onwuegbuzie of the Federal Capital Territory, FCT High Court, Apo on charges of fraud by Economic and Financial Crimes Commission, EFCC, on Thursday,

Ayeni was first arraigned on May 4, 2026, re-arraigned on June 22, 2026, and Thursday’s re-arraignment makes it the third time he is taking his plea in court, Dele Oyewale, spokesperson for the Commission said in a statement on Thursday.

The EFCC re-arraigned him on amended 18-count charge bordering on criminal breach of trust, misappropriation, and diversion of funds to the tune of N15.6 billion on Thursday.

In one of the charges, EFCC alleged that Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on 20th November 2014 at Abuja committed criminal breach of trust by dishonestly transferring over N3 billion depositors’ funds to Misa Limited’s account No:1011295717, domiciled with Zenith Bank.

The anti-graft agency said the businessman’s action was in violation of his contract with the defunct Skye Bank Plc and an offence contrary to section 311 of the Penal Code and punishable under section 312 of same Act.

In the count nine of the charges, EFCC also alleged that Tunde Ayeni as the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on 2nd of December 2014 committed criminal breach of trust by dishonestly misappropriating over N5 billion.

According to EFCC, Ayeni directed the transfer of the funds to Greenwich Registrar’s account No:0003490559 domiciled with Union Bank.

The anti-graft agency said his action was in in violation of his contract with the defunct Skye Bank Plc and an offence contrary to section 311 of the Penal Code and punishable under section 312 of same Act.”

The defendant pleaded “not guilty” when the charges were read to him, following which prosecution counsel, Abba Muhammed, SAN, told the court that his team was ready to proceed with the trial and that the First Prosecution Witness was in court.

The plea for the immediate commencement of trial, was however, opposed by the defence counsel, Olalekan Ojo, SAN, who argued that the prosecution had not filed the summary of the witness’s statements.

The prosecution counsel, in response, disclosed that the summary of the witness’s statements was filed alongside the second amended charge.

Justice Jude Onwuegbuzie in resolving the matter, held that the prosecution had complied with the necessary requirements.

He subsequently adjourned the matter till, July 20, 22, and 23, 2026, for continuation of trial.