EFCC re-arraigns ex-Skye Bank chairman Tunde Ayeni over alleged N15.6bn fraud

The Economic and Financial Crimes Commission (EFCC) has re-arraigned former chairman of the defunct Skye Bank Plc, Tunde Ayeni, before a Federal Capital Territory High Court in Abuja over allegations of fraud involving N15.6 billion.

Ayeni was brought before Justice Jude Onwuegbuzie of the FCT High Court sitting in Apo on Monday, where he faced an amended 18-count charge bordering on criminal breach of trust, misappropriation, and diversion of funds.

The former bank chairman had initially been arraigned on May 4 on a 17-count charge. However, the anti-graft agency subsequently reviewed the case and filed an amended charge after obtaining and submitting additional proof of evidence to strengthen its prosecution.

During Monday’s proceedings, counsel to the EFCC, Abba Mohammed, informed the court that the amended charge and supplementary evidence were filed on June 22. He requested that the new charges be read to the defendant.

Responding, Abdul Mohammed, counsel to Ayeni, confirmed that the defence had received copies of the amended charge and was prepared to proceed.

According to the EFCC, one of the counts alleges that Ayeni, while serving as chairman of Skye Bank’s board in September 2014, unlawfully authorised the transfer of N510 million from the bank’s suspense account to an account belonging to Capital Field Investment Group Limited.

The commission contends that the transaction was carried out in violation of the bank’s operational policy manual and constituted a criminal breach of trust, given that the funds were under the custody and management of the financial institution.

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In another count, the EFCC accused Ayeni of transferring an additional N600 million from the same suspense account to an account operated by Harigold Ventures Limited and domiciled with Sterling Bank.

The prosecution alleged that the funds formed part of depositors’ money entrusted to the bank and that the transactions were executed without due process, thereby exposing the institution to financial risk and violating banking regulations.

The anti-corruption agency maintains that the alleged acts were committed while Ayeni occupied a position of trust as chairman of the board and had oversight responsibilities over the bank’s operations.

When the amended 18-count charge was read in court, Ayeni pleaded not guilty to all allegations levelled against him.

The case is one of several high-profile financial crime prosecutions involving former banking executives and corporate leaders being pursued by the EFCC as part of efforts to strengthen accountability in Nigeria’s financial sector.

Following the defendant’s plea, the court adjourned proceedings to allow the prosecution and defence to continue with pre-trial processes and prepare for the commencement of substantive hearing.

If convicted, Ayeni could face significant legal penalties under Nigeria’s criminal and financial crime laws. However, under the law, he remains presumed innocent until proven guilty by the court.