The Economic and Financial Crimes Commission (EFCC), on Thursday, July 16, 2026, re-arraigned Mr. Tunde Ayeni, before Justice Jude Onwuegbuzie of the Federal Capital Territory, FCT High Court, Apo, for alleged fraud.

Ayeni, a former Chairman, Board of Directors of the defunct Skye Bank Plc, (now Polaris Bank Limited), was re-arraigned on amended 18-count charge.

He was arraigned on May 4, 2026, re-arraigned on June 22, 2026. Thursday’s re-arraignment makes it the third time he is taking his plea in court.

The EFCC is prosecuting him on 18-count charges bordering on criminal breach of trust, misappropriation, and diversion of funds to the tune of N15.6 billion.

Count eight 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 20th November, 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 aggregate sum of Three Billion One Hundred and Thirteen Million Five Hundred and Forty Three Thousand Six Hundred and Sixty Five Naira Forty Two Kobo (N3,113,543,665.42) by directing the transfer of same to Misa Limited’s account No:1011295717, domiciled with Zenith Bank in violation of your contract with the defunct Skye Bank Plc and thereby committed an offence contrary to section 311 of the Penal Code and punishable under section 312 of same Act.”

Count nine 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 2nd of December, 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 Billion, Seventy Eight Million, Five Hundred and Fifty Thousand Naira (N5,078,550,000) by directing the transfer of same to Greenwich Registrar’s account No:0003490559 domiciled with Union Bank in violation of your contract with the defunct Skye Bank Plc and thereby committed an offence contrary to section 311 of the Penal Code and punishable under section 312 of same Act.”

The defendant pleaded “not guilty” when the charges were read to him, following which prosecution counsel, Abba Muhammed, SAN, told the court that his team was ready to proceed with the trial and that the First Prosecution Witness was in court. 

The plea for the immediate commencement of trial, was however, opposed by the defence counsel, Olalekan Ojo, SAN, who argued that the prosecution had not filed the summary of the witness’s statements.

The prosecution counsel, in response, disclosed that the summary of the witness’s statements was filed alongside the second amended charge.

Justice Jude Onwuegbuzie in resolving the matter, held that the prosecution had complied with the necessary requirements. 

He subsequently adjourned the matter till, July 20, 22, and 23, 2026, for continuation of trial.