The Economic and Financial Crimes Commission on Monday re-arraigned a former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, Tunde Ayeni, before the Federal Capital Territory High Court in Apo, Abuja, over an alleged N15.6 billion fraud. Ayeni was re-arraigned before Justice Jude Onwuegbuzie on amended 18 charges bordering on alleged criminal breach of trust, misappropriation and diversion of funds amounting to N15.6 billion. According to a statement by the EFCC's spokesman, Dele Oyewale, the re-arraignment followed the EFCC's submission of additional proof of evidence in the case. At the proceedings, prosecution counsel, Abba Muhammed, informed the court that the prosecution had filed an amended charge and additional proof of evidence on June 22, 2026. Responding, defence counsel, Abdul Mohammed, confirmed that he had been duly served with the amended charge. 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. 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. Gombe reclaims SDP national secretariat after INEC recognition EFCC arrests two over N68m visa fraud in Enugu The return of Diezani Alison-Madueke "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 Honourable 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 Honourable 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. The former bank chairman was first arraigned on May 4, 2026, on a 17-count charge. Following his plea, Justice Onwuegbuzie adjourned the matter until July 6, 2026, for commencement of trial. Solomon Odeniyi Solomon Odeniyi is a journalist at Punch Newspapers with over six years of professional experience. He has covered key national beats including the judiciary, military, and police, and currently reports on anti-corruption and related issues. Solomon's work reflects a strong commitment to development-oriented reporting, public interest journalism, and accountability.
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