EFCC Re-Arraigns Tunde Ayeni Over N15.6bn Fraud Case

The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, Tunde Ayeni, over an alleged N15.6 billion fraud.

The re-arraignment took place before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo, Abuja, following the filing of an amended charge and additional evidence by the anti-graft agency.

According to the EFCC, the amended charge contains 18 counts bordering on alleged criminal breach of trust, misappropriation and diversion of funds amounting to N15.6 billion. The agency explained that the new charge followed the submission of supplementary proof of evidence in the case.

During the court session, prosecution counsel, Abba Mohammed, SAN, informed the court that the amended charge and additional evidence were filed on June 22, 2026. Defence counsel, Abdul Mohammed, SAN, confirmed that the documents had been served on the defence team.

In one of the allegations, the EFCC claimed that Tunde Ayeni, while serving as chairman of Skye Bank, dishonestly transferred N510 million from the bank’s suspense account to an account belonging to Capital Field Investment Group Limited in September 2014. The commission alleged that the transaction violated the bank’s operational policy and constituted a criminal breach of trust.

The anti-graft agency also accused Ayeni of transferring N600 million from the same suspense account to Harigold Ventures Limited during the same period, describing the transaction as another act of misappropriation.

“That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc (now Polaris Bank Limited), committed criminal breach of trust when you dishonestly misappropriated the sum of Five Hundred and Ten Million Naira (N510,000,000),” part of the charge read.

Tunde Ayeni pleaded not guilty to all 18 counts when they were read in court.

The former bank executive was initially arraigned by the EFCC on May 4, 2026, on a 17-count charge before the latest amendment increased the number of counts to 18.

Following his plea, Justice Jude Onwuegbuzie adjourned the matter until July 6, 2026, for the commencement of trial.