The Economic and Financial Crimes Commission has re-arraigned former Skye Bank chairman Tunde Ayeni before Justice H. Mu’azu of the Federal Capital Territory High Court, Maitama Division, on charges of alleged fraud.

The EFCC, in a statement on Wednesday, said the defendant is being prosecuted on an existing 18-count charge of fraud, including criminal breach of trust, misappropriation, and diversion of funds totalling N15,391,093,665.

His re-arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the FCT High Court, Apo Division, before whom the defendant had previously been arraigned. 

Mr Ayeni, whilst being the chairman of the board of directors of the defunct Skye Bank Plc (now Polaris Bank Limited) on or about November 20, 2014 at Abuja, allegedly committed criminal breach of trust, misappropriating more than N3 billion by directing the transfer of the funds to Misa Limited’s account No:1011295717, domiciled with Zenith Bank.

Mr Ayeni, on or about December 2, 2014, was also alleged to have misappropriated more than N5 billion by transferring it to Greenwich Registrar’s account No:0003490559, domiciled with Union Bank.

Following Mr Ayeni’s not guilty plea, the prosecution counsel, Abba Muhammed, requested a trial date, but the defence counsel, E. Inegedu, urged the court to maintain the bail conditions previously granted to the former Skye Bank chief in May this year.

Mr Inegedu told the court that Mr Ayeni had consistently attended proceedings and had not breached the terms of his bail, including the requirement to submit his international passport and provide sureties.

Both counsels acknowledged that Mr Ayeni had consistently attended court without any reported breach of his bail conditions.

The judge subsequently adjourned the case until January 19, 2027, for commencement of trial.