From Boardroom to Prison: Tunde Ayeni Remanded Over ₦15.137 billion alleged Fraud

Former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, has been remanded at the Kuje Correctional Centre following proceedings at the Federal High Court in Abuja, where he is facing a 17-count charge filed by the Economic and Financial Crimes Commission.

The court ordered his remand on Sunday, pending ruling on his bail application, which has been adjourned to May 13, 2026.

Ayeni was earlier arrested in April by EFCC operatives in Abuja over allegations bordering on large-scale financial misconduct involving billions of naira during his tenure as chairman of the now-defunct bank.

According to the charge sheet filed before the Federal High Court in the Federal Capital Territory, the anti-graft agency accused him of criminal breach of trust and unlawful diversion of depositors’ funds between 2014 and 2016.

The EFCC alleged that Ayeni authorised multiple questionable transactions from the bank’s suspense account to several companies, including transfers of ₦554 million, ₦850 million, ₦3.2 billion, ₦600 million, ₦5.078 billion, and other sums running into hundreds of millions of naira.

He is also accused of directly withdrawing ₦2.475 billion in cash, alongside additional transfers such as ₦1 billion, ₦350 million, ₦400 million, ₦200 million, ₦300 million, and smaller sums spread across various corporate entities.

In total, the charges reflect transactions amounting to approximately ₦15.137 billion, which the EFCC says were carried out in violation of banking regulations and prudential guidelines.

Prosecutors, led by senior advocates Abba Mohammed (SAN) and Ekele Iheanacho (SAN), argued that the alleged transactions were unauthorized and constituted deliberate acts of financial misappropriation.

The offences, according to the EFCC, were committed between September 2014 and March 2016 within the jurisdiction of the Federal Capital Territory.

Ayeni remains in custody at the Kuje Correctional Centre pending further proceedings in the case.

Based on the figures listed in the charges against Tunde Ayeni by the Economic and Financial Crimes Commission, the total amount explicitly mentioned sums up to approximately:

₦15.137 billion

Breakdown of key amounts:

₦554 million

₦850 million

₦3.2 billion

₦600 million

₦5.078 billion

₦1 billion

₦350 million

₦2.475 billion (cash withdrawal)

₦10 million

₦400 million

₦50 million

₦200 million

₦300 million

This total reflects only the specific figures cited in the charge details provided by EFCC. Since the case involves 17 counts, and some transactions are described as “multiple tranches” or part of a broader pattern, the actual total under investigation could be higher.