EFCC re-arraigns ex-Skye Bank chairman, Tunde Ayeni over ₦15.6bn fraud – The Witness Nigeria

The Economic and Financial Crimes Commission (EFCC) has re-arraigned Tunde Ayeni, former chairman of Skye Bank, over alleged ₦15.6 billion fraud.

On Wednesday, Mr Ayeni appeared before the Federal Capital Territory High Court in Maitama, Abuja, following the transfer of the case to a new judge.

The latest court appearance is another turn in a case that has suffered several delays since it began in May, with the defendant appearing in court multiple times over the same allegations.

The case was initially before Justice Jude Onwuegbuzie at the court’s Apo division before being transferred to Justice Hamza Mu’azu at the Maitama division.

The EFCC had arraigned Ayeni on May 4 and brought him before the court again on June 22. In July, however, the prosecution amended its charges, increasing the counts to 18.

The revised charges include criminal breach of trust, misappropriation and the alleged diversion of funds totalling ₦15.6 billion belonging to Skye Bank.

The EFCC maintained the amended charges during Wednesday’s proceedings.

Ayeni pleaded not guilty to the allegations, setting the case for a full trial.

Following the defendant’s plea, EFCC counsel, Abba Muhammed, a Senior Advocate of Nigeria (SAN), asked the court to fix a date for the commencement of the trial.

Defence counsel, E. Inegedu, also urged the court to allow Ayeni to continue enjoying the bail previously granted to him.

Inegedu argued that his client had complied with the conditions of his bail, had not absconded and had consistently attended court whenever required.

Muhammed did not oppose the defence’s request, leaving the decision to the presiding judge.

Justice Mu’azu subsequently fixed January 19 for the commencement of the trial.

However, the EFCC’s statement did not indicate whether the court formally granted the defence’s request for Ayeni to remain on his existing bail conditions.

The prosecution stems from allegations that Ayeni diverted and misappropriated ₦15.6 billion belonging to Skye Bank, where he previously served as chairman of the board.

Ayeni has denied the allegations and pleaded not guilty to the charges.

His tenure at the bank ended in July 2016 after the Central Bank of Nigeria (CBN) removed its board and management as part of a regulatory intervention prompted by the lender’s deteriorating financial position.

The intervention was aimed at addressing the bank’s financial difficulties and stabilising its operations.

In 2018, the CBN revoked Skye Bank’s banking licence and transferred its assets and liabilities to Polaris Bank, a bridge bank established by the regulator to take over the failed lender’s operations.

Ayeni did not continue with Polaris Bank following the restructuring.