Former Skye Bank chairman pleads not guilty for a third time as Federal Capital Territory High Court fixes July 20, 22 and 23 for trial
The Economic and Financial Crimes Commission on Thursday re-arraigned former Skye Bank Plc Chairman Tunde Ayeni before the Federal Capital Territory High Court in Apo, Abuja, over the alleged diversion and misappropriation of ₦15.6 billion, marking the third time he has entered a plea in the ongoing Tunde Ayeni Fraud Trial.
Also read: EFCC re-arraigns Tunde Ayeni over alleged N15.6bn fraud
Mr Ayeni appeared before Justice Jude Onwuegbuzie on an amended 18-count charge bordering on alleged criminal breach of trust, misappropriation and diversion of funds said to belong to the defunct Skye Bank, now Polaris Bank Limited.
According to the EFCC, the fresh arraignment followed another amendment to the charge sheet.
When the amended charges were read in court, Mr Ayeni pleaded not guilty to all 18 counts.
In a statement issued after the proceedings, the commission’s Head of Media and Publicity, Dele Oyewale, said, “The defendant pleaded ‘not guilty’ when the charges were read to him.”
The anti-graft agency alleged that while serving as chairman of Skye Bank, Mr Ayeni authorised the transfer of ₦3.11 billion from the bank’s suspense account to Misa Limited’s account with Zenith Bank in November 2014.
Another count accuses him of directing the transfer of about ₦5 billion from the same suspense account to Greenwich Registrars’ account with Union Bank in December 2014.
The EFCC contends that the transactions amounted to criminal breach of trust and are punishable under the provisions of the Penal Code.
Following the arraignment, the prosecution, led by Abba Muhammed (SAN), informed the court that it was ready to commence trial immediately and that its first witness was present in court.
However, defence counsel Olalekan Ojo (SAN) objected, arguing that the prosecution had not served the defence with the summary of the witness’s statement, making it inappropriate to begin trial.
The prosecution responded that the witness summary had already been filed alongside the second amended charge.
Justice Onwuegbuzie ruled that the prosecution had complied with the applicable procedural requirements and subsequently adjourned the matter for trial on July 20, 22 and 23, 2026.
Thursday’s proceedings represent the third arraignment of the former bank chairman on substantially the same allegations.
The EFCC initially arraigned Mr Ayeni on May 4, 2026, on a 17-count charge, after which he was remanded pending the determination of his bail application.
The commission later amended the charge by increasing the counts to 18 following the filing of additional proof of evidence, leading to his second arraignment on June 22, when he again pleaded not guilty.
The latest amendment necessitated Thursday’s fresh plea.
Mr Ayeni served as chairman of Skye Bank until July 2016, when the Central Bank of Nigeria dissolved the bank’s board and management as part of a regulatory intervention prompted by the lender’s worsening financial condition.
In 2018, the apex bank revoked Skye Bank’s operating licence and transferred its assets and liabilities to Polaris Bank Limited, a bridge bank established to maintain banking operations and protect depositors.
The EFCC’s prosecution stems from investigations into transactions allegedly executed during Mr Ayeni’s tenure as board chairman.
According to the commission, billions of naira were unlawfully diverted from the bank’s suspense account to companies linked to the defendants, contrary to the bank’s internal operational procedures and regulatory guidelines.
Mr Ayeni has consistently denied all allegations and maintains that he is not guilty of the offences brought against him.
Also read: EFCC re-arraigns ex-Skye Bank MD Tunde Ayeni over N15.6bn fraud
With the latest arraignment concluded, attention now shifts to the scheduled trial dates, when the prosecution is expected to begin presenting evidence in one of the EFCC’s high-profile financial crime cases involving the former leadership of the defunct Skye Bank.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
