The Economic and Financial Crimes Commission, EFCC, on Monday opened its case against former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, by presenting its first prosecution witness in the alleged N15.6 billion fraud trial before the Federal Capital Territory High Court in Apo, Abuja.
EFCC is prosecuting Ayeni on an 18-count amended charge bordering on alleged criminal breach of trust, misappropriation and diversion of funds totaling N15.6 billion.
The defendant was first arraigned on May 4, 2026, on a 17-count charge and was subsequently re-arraigned on June 22, 2026, after the Commission filed an amended charge supported by additional proof of evidence.
At Monday’s proceedings, the prosecution counsel, Abba Muhammed, SAN, presented PW1, who briefly identified himself as Remigus Ugwu, a staff member of Zenith Bank.
The matter was thereafter adjourned till July 16, 2026, for continuation of the trial.
One of the charges alleged that Ayeni, while serving as Chairman of the Board of Directors of the defunct Skye Bank Plc, on or about September 18, 2014, dishonestly misappropriated N510 million from depositors’ funds domiciled in the bank’s suspense account by transferring the money to Capital Field Investment Group Limited’s account.
Also Read: EFCC re‑arraigns Ayeni over ₦15.6b fraud
The EFCC alleged that the transfer violated the bank’s Operational Policy Manual and constituted an offence contrary to Section 311 of the Penal Code, punishable under Section 312 of the same law.
“Count three of the charge reads “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, on or about the 18th of September, 2014 at Abuja within the jurisdiction of this Honorable 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 Hundred and Ten Million Naira, 510,000,000, by transferring same to Capital Field Investment Group Limited’s account No:1770125552 domiciled with Skye Bank in violation of the defunct Skye Bank Plc Operational Policy Manual and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of Same Act.”
Another count alleged that Ayeni, on September 23, 2014, misappropriated N600 million from the bank’s suspense account by transferring the funds to Harigold Ventures Limited’s account with Sterling Bank, also in violation of the bank’s Operational Policy Manual.
Count five also reads, “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited on or about the 23rd September, 2014 at Abuja within the jurisdiction of this Honorable 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 Six Hundred Million Naira, N600,000,000, by transferring same to Harigold Ventures Limited’s account No:0000834983 domiciled with Sterling Bank in violation of the defunct Skye Bank Plc Operational Policy Manual and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of Same Act.”
Ayeni pleaded not guilty to all 18 counts when they were read to him.
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