EFCC drags ex-Skye Bank Chairman Tunde Ayeni to Court over ₦15.6bn fraud allegations

Nigeria’s anti-graft war took a dramatic turn as the Economic and Financial Crimes Commission (EFCC) arraigned former Skye Bank PLC chairman Tunde Ayeni over alleged ₦15.6 billion fraud, marking one of the most high-profile financial crime cases in recent months.

The case, filed before the Federal Capital Territory High Court in Abuja, centers on allegations of criminal breach of trust, misappropriation, and diversion of depositors’ funds, raising fresh concerns about corporate governance in Nigeria’s banking sector.

EFCC Details 17-Count Charge Against Ayeni

According to the EFCC, Ayeni is facing a 17-count charge linked to the alleged diversion of funds totaling ₦15,665,085,429 during his tenure as chairman of Skye Bank in 2014.

Court filings revealed that Ayeni allegedly transferred billions from depositors’ funds into private accounts, including transactions involving corporate entities. One of the charges states that he misappropriated over ₦3.2 billion by transferring funds into accounts linked to a private company, in violation of banking regulations.

Another charge alleges the diversion of ₦5.07 billion into a separate corporate account, further intensifying the scale of the accusations against him.

These actions, prosecutors argue, contravene provisions of the Penal Code relating to financial misconduct and abuse of trust.

Court Proceedings: Not Guilty Plea and Remand Order

During the arraignment, Ayeni pleaded not guilty to all charges brought against him.

Following the plea, EFCC counsel urged the court to remand the defendant pending trial. The defense team, however, pushed for bail, arguing procedural concerns, including the timing of service of court documents.

Presiding judge adjourned the case to May 13, 2026, for the hearing of the bail application and ordered that Ayeni be remanded at the Kuje Correctional Centre pending further proceedings.

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Separate Allegations: ₦8bn Money Laundering and Larger Financial Probe

In a related development, additional allegations suggest Ayeni is also being investigated over money laundering estimated at ₦8 billion, with broader probes linking him to financial transactions involving up to ₦36.5 billion and $30 million.

Investigators allege that loans obtained from financial institutions, including funds intended for infrastructure and development projects, were diverted into unrelated ventures, including telecom asset acquisitions.

Authorities are also examining multiple companies linked to Ayeni, believed to have been used to facilitate the movement and conversion of funds.

Implications for Nigeria’s Banking Sector

The unfolding case highlights persistent concerns about financial accountability and corporate governance within Nigeria’s banking industry.

Skye Bank, now defunct and succeeded by Polaris Bank, has previously been at the center of regulatory scrutiny. Analysts say the ongoing trial could reshape accountability standards for financial executives and reinforce the role of regulatory oversight.

Experts note that high-profile prosecutions like this are crucial to restoring public confidence in Nigeria’s financial institutions, particularly amid growing calls for transparency and stricter enforcement of banking regulations.

What Happens Next in the Trial?

With the next court hearing scheduled for May 13, 2026, attention will shift to the bail application and potential commencement of trial proceedings.

Legal analysts suggest that the outcome of the bail hearing could influence the pace and public perception of the case. If granted, Ayeni may prepare his defense outside custody; if denied, the case could intensify under continued detention.

The EFCC has reiterated its commitment to pursuing financial crimes rigorously, signaling that the case may expand as investigations continue.

FAQ

What is Tunde Ayeni accused of?

Tunde Ayeni is accused by the EFCC of fraud, criminal breach of trust, and misappropriation of funds totaling over ₦15.6 billion during his tenure as chairman of Skye Bank.

How much money is involved in the EFCC case?

The primary charge involves ₦15.6 billion, but additional investigations suggest possible financial transactions exceeding ₦36.5 billion and $30 million.

Did Tunde Ayeni plead guilty?

No, Ayeni pleaded not guilty to all 17 charges brought against him in court.

Where is Tunde Ayeni now?

He has been remanded at the Kuje Correctional Centre in Abuja pending the hearing of his bail application.

When is the next court hearing for Ayeni?

The next hearing is scheduled for May 13, 2026, where the court will consider his bail application.

What happened to Skye Bank?

Skye Bank was taken over by regulators and later transitioned into Polaris Bank following financial instability.

What role does the EFCC play in this case?

The EFCC is Nigeria’s anti-corruption agency responsible for investigating and prosecuting financial crimes, including fraud and money laundering.

Could Ayeni face jail time?

If found guilty, Ayeni could face significant prison sentences under Nigerian law, depending on the severity of the offences proven in court.

Why is this case important?

The case is significant because it highlights accountability in Nigeria’s banking sector and could set a precedent for prosecuting financial misconduct at high levels.