A former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, has been remanded at the Kuje Correctional Centre by the Federal Capital Territory High Court in Abuja over an alleged ₦15.6 billion fraud, following his arraignment by the Economic and Financial Crimes Commission (EFCC) on a 17-count charge bordering on criminal breach of trust and misappropriation of funds.
Ayeni was remanded by Justice Jude Onwuzuruike after being accused of diverting and converting investors’ funds while serving as Chairman of the bank’s Board of Directors.
During Monday’s proceedings, the prosecution told the court that the charges, dated April 28, 2026, stemmed from alleged financial misconduct involving depositors’ funds held in the bank’s suspense account.
Accorrding to the charges: “That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc between 21st of October, 2014 and 19th November, 2014 at Abuja within the jurisdiction of this Honourable Court and having dominion over depositors funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of Three billion, Two hundred and One million, Five Hundred and Thirty Five Thousand, Four Hundred and Twenty Nine Naira, Forty two kobo(N3,201,535,429.42) by transferring same to Misa Limited’s account No: 1011295717 and 1011295718 domiciled with Zenith Bank in Violation of the Prudential Guidelines and other regulations and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.
Another charge reads: “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the Defunct Skye Bank Plc on or about 27th November, 2014, at Abuja within the Jurisdiction of this Honourable Court and having dominion over depositors’ funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of Five Billion, Seventy Eight million, Five hundred and Fifty thousand Naira(N5, 078,550,000) by transferring same to Union Registrar Limited’s Account No: 0003490559 domiciled with Union Bank in violation of the Prudential Guidelines and other Regulations and thereby Committed an offence contrary to Section 311 of the Penal Code and Punishable under Section 312 of same Act.”
The defendant, however, pleaded not guilty to all the counts when they were read to him in open court.
Following his plea, prosecution counsel, E.E. Iheanacho, informed the court that the matter was ripe for arraignment and that the EFCC was fully prepared to proceed to trial, urging the court to formally take the plea and fix a date for hearing.
He also requested that the defendant be remanded in a correctional facility, given the gravity of the charges.
However, defence counsel, Ahmed Bashir, drew the attention of the court to what he described as irregularities in the service of the charge, noting that it was served on a public holiday.
He therefore urged the court either to release the defendant to his custody or return him to the EFCC’s custody pending further proceedings.
In his ruling, Justice Onwuzuruike held that the defendant should remain in custody and adjourned the case to May 13, 2026, for hearing of the bail application.
The court ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail request.