“Criminal Breach Of Trust, Misappropriation” — EFCC Re-Arraigns Ex-Skye Bank Chairman Ayeni For Fourth Time Over Alleged ₦15.6bn Fraud

The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Chairman of Skye Bank, Tunde Ayeni, before the Federal Capital Territory High Court sitting in Maitama, Abuja, over allegations of criminal breach of trust, misappropriation and diversion of ₦15.6 billion belonging to the defunct bank.

Ayeni was re-arraigned on Wednesday, November 11, 2026, before Justice Hamza Mu’azu on an amended 18-count charge, marking the fourth time he has been brought before the court for arraignment in the case since May 2026.

The latest re-arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the Apo Division of the FCT High Court to Justice Mu’azu of the Maitama Division.

The EFCC, which disclosed the development in a statement on Wednesday, did not explain the circumstances that led to the reassignment of the case to another judge.

The anti-graft agency had initially arraigned Ayeni on May 4, 2026, before re-arraigning him on June 22.

In July, the commission amended the charges, increasing them to 18 counts involving allegations of criminal breach of trust, misappropriation and diversion of funds amounting to ₦15.6 billion.

The EFCC retained the amended charges when Ayeni appeared before Justice Mu’azu for the latest arraignment.

The former bank chairman pleaded not guilty to the allegations.

Following his plea, prosecution counsel Abba Muhammed, SAN, applied to the court for a date to commence the trial.

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

Inegedu argued that his client had complied with the existing bail conditions and had consistently attended court proceedings throughout the prosecution.

He maintained that Ayeni had never jumped bail and that there was no reason to withdraw the liberty previously granted to him.

The defence consequently asked the court to preserve the existing bail arrangement following the transfer of the case to the new judge.

Responding, Muhammed did not oppose the defence application but left the question of bail to the discretion of the court.

After hearing the parties, Justice Mu’azu fixed January 19, 2027, for the commencement of trial.

The EFCC’s statement, however, did not disclose whether the court granted the defence request for Ayeni to continue on his previous bail.

The proceedings form part of the commission’s prosecution of the former Skye Bank chairman over allegations that funds belonging to the financial institution were diverted or misappropriated.

Ayeni served as Chairman of the Board of Skye Bank until July 2016, when the Central Bank of Nigeria (CBN) removed the bank’s board and management following regulatory concerns about its deteriorating financial condition.

The intervention resulted in changes to the bank’s leadership as the regulator sought to address its financial challenges.

In September 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.

Ayeni did not continue with Polaris Bank following the regulatory intervention.

The former chairman is now facing prosecution over alleged financial transactions involving the defunct bank, with the EFCC seeking to establish the offences contained in the amended 18-count charge.

The case has undergone several procedural developments, including repeated arraignments, amendment of the charges and reassignment to a different judge.

Despite those developments, Ayeni has maintained his not-guilty plea.

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