The Economic and Financial Crimes Commission on Thursday re-arraigned Tunde Ayeni, former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo, Abuja, over an alleged N15.6 billion fraud.

The case marks the third time the businessman has taken his plea. According to the anti-graft agency, Ayeni was first arraigned on 4 May 2026 and re-arraigned on 22 June 2026 before Thursday’s appearance on an amended 18-count charge bordering on criminal breach of trust, misappropriation and diversion of funds.

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Ayeni pleaded not guilty to all the charges.

According to the EFCC, one of the charges alleges that Ayeni, while serving as chairman of Skye Bank on 20 November 2014 in Abuja, dishonestly transferred more than N3 billion in depositors’ funds to an account belonging to Misa Limited domiciled with Zenith Bank.

The commission alleged that the transaction constituted a criminal breach of trust in violation of his duties to the bank and was punishable under Sections 311 and 312 of the Penal Code.

In another count, the EFCC accused Ayeni of dishonestly misappropriating more than N5 billion on 2 December 2014 by directing the transfer of the funds to Greenwich Registrars’ account with Union Bank.

Prosecutors alleged that the transaction also amounted to a criminal breach of trust under the Penal Code.

Following Ayeni’s plea, prosecution counsel Abba Muhammed, SAN, informed the court that the prosecution was ready to begin its case and that its first witness was present to testify.

However, defence counsel Olalekan Ojo, SAN, opposed the immediate commencement of the trial, arguing that the prosecution had not filed a summary of the witness’s statement.

Responding, the prosecution maintained that the required summary had been filed together with the second amended charge.

Justice Onwuegbuzie ruled that the prosecution had complied with the applicable procedural requirements.

The judge subsequently adjourned the matter until 20, 22 and 23 July 2026 for the continuation of the trial.

The case is one of several high-profile financial crime prosecutions being pursued by the EFCC involving former banking executives and business figures.

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The commission has intensified efforts in recent years to prosecute alleged financial misconduct, while defendants in such cases continue to enjoy the constitutional presumption of innocence until proven guilty by the court.