A High Court of the Federal Capital Territory (FCT), Abuja, has ordered the remand of former Chairman of defunct Skye Bank Plc, Tunde Ayeni, at the Kuje Correctional Centre over an alleged N15.6 billion fraud, following his arraignment by the Economic and Financial Crimes Commission (EFCC).
Ayeni was docked on Monday before Justice Jude Onwuzuruike on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of depositors’ funds amounting to N15,665,085,429.
At the proceedings, prosecution counsel, E.E. Iheanacho, SAN, told the court that the matter was slated for arraignment and that the prosecution was fully prepared to proceed to trial. He urged the court to direct that the charges be read to the defendant.
“We have before the court a 17-count charge dated April 28, 2026; we humbly apply that the charge be read to the defendant,” Iheanacho said.
Details of the charge revealed that Ayeni, while serving as chairman of the bank in 2014, allegedly diverted huge sums from depositors’ funds kept in the bank’s suspense accounts in breach of banking regulations.
In one of the counts, he was accused of “dishonestly misappropriating” N3,201,535,429.42 by transferring the funds into accounts linked to Misa Limited domiciled with Zenith Bank.
Another count alleged that he fraudulently moved N5,078,550,000 into an account belonging to Union Registrar Limited with Union Bank, also in violation of prudential guidelines and other financial regulations.
The anti-graft agency further alleged that the transactions were carried out within a short period between October and November 2014, raising concerns over abuse of office and breach of fiduciary duty.
When the charges were read to him, Ayeni pleaded “not guilty” to all counts.
Following his plea, Iheanacho urged the court to fix a date for trial and remand the defendant in a correctional facility pending the determination of the case.
However, defence counsel, Ahmed Raji Bashir, SAN, raised concerns over the timing of the service of the charge, noting that it was handed to the defendant on a public holiday. He urged the court to release Ayeni to his custody or, in the alternative, return him to EFCC custody pending the hearing of his bail application.
Justice Onwuzuruike, in his ruling, declined the defence request and ordered that the defendant be remanded at the Kuje Correctional Centre.
The judge subsequently adjourned the matter to May 13, 2026, for hearing of the bail application.
The case marks one of the high-profile financial crime prosecutions involving a former top banking executive, as the EFCC continues its crackdown on alleged abuse of office and mismanagement of depositors’ funds in Nigeria’s banking sector.
