Nigeria re-arraigns ex-Skye Bank chief over N15.6bn fraud
Nigeria's anti-graft agency has re-arraigned former Skye Bank chairman Tunde Ayeni on amended N15.6 billion fraud charges, highlighting ongoing regulatory efforts to hold executives accountable for the lender's 2018 collapse.
Tunde Ayeni, the former chairman of defunct Skye Bank, has been re-arraigned by Nigeria’s Economic and Financial Crimes Commission (EFCC) on 18 amended counts of criminal breach of trust, misappropriation and diversion of N15.6 billion. The proceedings took place on July 16 before Justice Jude Onwuegbuzie at the Federal Capital Territory High Court in Apo, Abuja. This marks the third time Ayeni has entered a plea, following previous arraignments on May 4 and June 22, 2026.
The amended charges focus on the movement of funds from Skye Bank’s suspense account in late 2014, while Ayeni served as chairman. Prosecutors allege he unlawfully authorized the transfer of N3.11 billion in depositors’ funds to Misa Limited in November 2014. A separate count accuses him of directing an additional N5.08 billion from the same account to Greenwich Registrars in December 2014. The EFCC contends these transactions violated the terms of his office.
Ayeni pleaded not guilty to all 18 counts. While the prosecution indicated it was ready to begin the trial immediately, the defense objected, arguing it lacked a summary of witness statements. Justice Onwuegbuzie ruled the prosecution had met requirements by filing the documents alongside the second amended charge, adjourning the trial to July 20, 22 and 23, 2026.
The case is a direct consequence of the financial collapse of Skye Bank and the Central Bank of Nigeria’s intervention in 2016. The CBN removed the bank’s management and injected liquidity support to stabilise operations after uncovering severe financial mismanagement. In 2018, the regulator revoked Skye Bank’s operating licence following a forensic audit that revealed severe undercapitalisation and a dependence on sustained liquidity support.
Unable to secure fresh capital from shareholders, Skye Bank was replaced by Polaris Bank. The bridge institution was established by the CBN and the Nigeria Deposit Insurance Corporation, with the Asset Management Corporation of Nigeria (AMCON) providing the required recapitalisation. For investors and market participants, the ongoing prosecution highlights the extended legal risks and regulatory scrutiny that follow major banking sector interventions in Nigeria.
The current 18-count charge is an amendment from an earlier case, which centered on over N25 billion across 10 counts and included former Skye Bank managing director Timothy Oguntayo. Ayeni’s legal troubles extend beyond the lender, having also been questioned by the EFCC in 2016 regarding N1 billion in transactions involving Aso Savings and Loans linked to former minister Bala Mohammed.
