Former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, has been re-arraigned before the Federal Capital Territory High Court in Maitama, Abuja, over an alleged diversion of ₦15.39bn belonging to the bank, now known as Polaris Bank Limited.
Ayeni appeared before Justice H. Mu’azu on Wednesday to face an 18-count charge filed by the Economic and Financial Crimes Commission bordering on criminal breach of trust, misappropriation and diversion of depositors’ funds.
The EFCC, in a statement, said the alleged offences were committed while Ayeni served as chairman of the financial institution, with the total sum involved put at ₦15,391,093,665.
His latest appearance followed the transfer of the case from the court of Justice Jude Onwuegbuzie of the FCT High Court, Apo, where he was previously arraigned.
Details of the charges include allegations that billions of naira were transferred from the bank’s Suspense Account to accounts belonging to two companies.
In count eight, the commission accused Ayeni of directing the transfer of ₦3.11bn to an account belonging to Misa Limited with Zenith Bank on November 20, 2014.
The EFCC alleged that the transaction amounted to dishonest misappropriation of ₦3,113,543,665.42 in breach of his obligations to the bank.
In another count, the former bank chairman was accused of directing the transfer of ₦5.07bn to the account of Greenwich Registrars with Union Bank on December 2, 2014.
In another count, the former bank chairman was accused of directing the transfer of ₦5.07bn to the account of Greenwich Registrars with Union Bank on December 2, 2014.
The commission alleged that the funds were part of depositors’ money held in the bank’s Suspense Account, describing the transaction as an offence under Sections 311 and 312 of the Penal Code.
Ayeni, however, pleaded not guilty to all 18 counts when they were read to him in court.
Following his plea, prosecution counsel, Abba Muhammed, SAN, requested a date for the commencement of trial.
Defence counsel, E. Inegedu, SAN, urged the court to maintain the bail conditions previously granted to the defendant in May 2026, arguing that Ayeni had consistently attended court proceedings and complied with the terms.
He told the court that his client had surrendered his international passport and provided the required sureties as part of the bail conditions.
In response, the prosecution said it would leave the decision on the bail application to the discretion of the court.
Both parties also acknowledged that Ayeni had attended previous proceedings without any reported violation of his bail conditions.
Justice Mu’azu subsequently adjourned the case until January 19, 2027, for the commencement of trial.
