EFCC Charges Former Skye Bank Chairman With Fraud
The Economic and Financial Crimes Commission (EFCC) has formally charged Tunde Ayeni, the former chairman of the now-defunct Skye Bank, with fraud involving a staggering N15.6 billion. Ayeni appeared before Justice Jude Onwuzuruike of the Federal Capital Territory High Court in Apo, Abuja, on May 4, 2026, facing 17 counts related to breach of trust, embezzlement, and the misappropriation of investor funds.
During the court session, State Prosecuting Attorney EE Iheanacho confirmed that the case was ready for arraignment. He requested that the 17-count indictment be presented to the defendant before it was entered into court records, which were dated April 28, 2026.
One of the allegations (Count 3) asserts that from October 21 to November 19, 2014, while serving as Chairman of Skye Bank’s Board of Directors, Ayeni allegedly misappropriated N3.22 billion from depositors’ funds held in a suspense account. This action reportedly contravened the Prudential Guidelines and other regulatory standards, violating Section 311 of the Penal Code, with a penalty outlined in Section 312 of the same statute.
Another serious charge (Count 5) states that on November 27, 2014, Ayeni committed a criminal breach of trust by fraudulently misusing N5.08 billion in depositors’ funds. This alleged misconduct also went against established Prudential Guidelines and breached provisions of the Criminal Code. According to the prosecution, these funds were misappropriated to an account belonging to Union Registrar Limited at Union Bank.
Upon hearing the charges read in court, Ayeni pleaded “not guilty.” Following this declaration, Mr. Iheanacho requested that a trial date be established and urged the court to incarcerate the defendant in a correctional facility pending further proceedings.
In response, Ayeni’s defense attorney, Ahmed Raji Bashir (SAN), highlighted that the charges had been filed on a public holiday, a detail he believed warranted the court’s consideration. He requested that Ayeni be granted release while awaiting a hearing for his bail application or be returned to the EFCC custody.
Justice Onwuzuruike subsequently adjourned the case until May 13, 2026, for the bail hearing and ordered that Ayeni remain at Kuje Correctional Center until a decision regarding his bail is reached.
