The Economic and Financial Crimes Commission (EFCC) has re-arraigned the former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court in Maitama, Abuja, over an alleged ₦15.39 billion fraud involving depositors’ funds.

Ayeni is facing an 18-count charge bordering on criminal breach of trust, misappropriation and diversion of funds. However, he pleaded not guilty to all the charges when they were read to him before Justice H. Mu’azu.

The fresh arraignment followed the transfer of the case from the FCT High Court in Apo, where it was previously handled by Justice Jude Onwuegbuzie.

According to the EFCC, Ayeni allegedly diverted ₦15,391,093,665 belonging to the defunct bank, now known as Polaris Bank, through unauthorised transactions while serving as its board chairman.

In counts eight and nine of the charge, the commission alleged that Ayeni instructed the transfer of ₦3.11 billion from the bank’s suspense account into the account of Misa Limited domiciled with Zenith Bank on November 20, 2014.

The EFCC further accused him of ordering another transfer of ₦5.08 billion to Greenwich Registrar’s account with Union Bank on December 2, 2014.

The commission maintained that the alleged transactions constituted criminal breach of trust under Sections 311 and 312 of the Penal Code.

Following Ayeni’s plea, the prosecution counsel, Abba Muhammed, SAN, requested that the court fix a date for the commencement of trial.

However, defence counsel, E. Inegedu, SAN, urged the court to maintain the bail conditions previously granted to his client in May 2026.

Inegedu argued that Ayeni had consistently attended court proceedings and complied with all bail requirements, including submitting his international passport and providing sureties.

The prosecution did not object to the defence’s request, leaving the decision to the court.

Both parties acknowledged that Ayeni had attended earlier proceedings without any reported violation of his bail conditions.

Justice Mu’azu subsequently adjourned the matter until January 19, 2027, for the commencement of trial.