Former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, has been re-arraigned before the Federal Capital Territory High Court in Abuja over an alleged diversion of N15.39bn belonging to the bank.
Ayeni was brought before Justice H. Mu'azu at the Maitama Division of the court on an 18-count charge bordering on criminal breach of trust, misappropriation and diversion of depositors' funds.
The Economic and Financial Crimes Commission disclosed this in a statement on Wednesday, noting that the alleged offences were committed while Ayeni served as chairman of the bank, now known as Polaris Bank Limited.
The re-arraignment followed the transfer of the case from the court of Justice Jude Onwuegbuzie at the FCT High Court, Apo, where the former bank chairman had earlier been arraigned.
According to the EFCC, Ayeni allegedly caused the diversion of N15,391,093,665 through transactions involving funds transferred from the bank's Suspense Account to accounts operated by two companies.
In count eight of the charge, the commission accused him of directing the transfer of N3.11bn to the account of Misa Limited domiciled with Zenith Bank on November 20, 2014.
The EFCC alleged that the transaction amounted to dishonest misappropriation of N3,113,543,665.42, carried out in violation of Ayeni's obligations to the bank.
In another count, the former bank chairman was accused of directing the transfer of N5.07bn to an account belonging to Greenwich Registrar with Union Bank on December 2, 2014.
The commission alleged that the funds were sourced from depositors' money held in the bank's Suspense Account.
It described the alleged offence as criminal breach of trust, contrary to Section 311 and punishable under Section 312 of the Penal Code.
Ayeni, however, pleaded not guilty to all the 18 charges when they were read to him in court.
Following his plea, the prosecution counsel, Abba Muhammed, SAN, requested a date for the commencement of trial.
Defence counsel, E. Inegedu, SAN, subsequently urged the court to maintain the bail conditions earlier granted to his client in May 2026.
Inegedu told the court that Ayeni had consistently appeared for proceedings and had not violated any of the conditions imposed on him, including the submission of his international passport and provision of sureties.
In response, the prosecution said it would leave the decision on whether to retain the existing bail conditions to the discretion of the court.
Both parties acknowledged that the defendant had complied with the conditions and attended previous court proceedings without any reported breach.
Justice Mu'azu subsequently adjourned the matter until January 19, 2027, for the commencement of trial, when the prosecution is expected to open its case against the former bank chairman.
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