EFCC Arrests Ex-Sky Bank Chair, Ayeni, Over Alleged Fraud, Detained in Kuje Prison

Former chairman of the defunct Skye Bank Plc, Tunde Ayeni, has been remanded at the Kuje Correctional Centre after appearing before the Federal High Court in Abuja.

The court ordered his remand after postponing a decision on his bail application until May 13, 2026.

Ayeni was arrested recently by operatives of the Economic and Financial Crimes Commission (EFCC) over allegations of large-scale financial misconduct involving billions of naira.

He was reportedly picked up in Abuja on April 23 and questioned by investigators before being arraigned. The EFCC has since filed a 17-count charge against him, accusing him of orchestrating multiple financial transactions that allegedly led to the diversion of depositors’ funds, the action partly led to liquidation of the bank.

The charges, filed at the High Court of the Federal Capital Territory on April 28, 2026, center on criminal breach of trust and unlawful withdrawals.

According to the charge sheet, Ayeni allegedly used his position as chairman to authorize transfers from the bank’s suspense account into accounts linked to various companies between 2014 and 2016. Prosecutors claim these actions violated banking regulations and prudential guidelines.

The alleged transactions include:
N554 million to Capital Assets Limited; N850 million to Capital Field Investment and Trust Limited; N3.2 billion to Misa Limited (in multiple tranches)
N600 million to Harigold Ventures Limited and N5.07 billion to Union Registrar Limited.

Others transfers cited in the charges include: N1 billion to Beks Kimse Limited; N350 million to Suis Properties Limited; N10 million to Jodes Nigeria Limited; N400 million to Ridge Associate Limited; N50 million to Hades Meridian Limited; N200 million to Georgetown Capital Partners Limited. The list also involves N300 million to Speedy Print Limited.

One count also alleges that Ayeni directly withdrew N2.475 billion in cash from the bank’s suspense account.
The EFCC maintains that all the transactions were carried out without proper authorization and amounted to deliberate misappropriation of funds. The prosecution argues that the actions breached established banking rules and are punishable under relevant provisions of the Penal Code.

The alleged offences occurred between September 2014 and March 2016 within the Federal Capital Territory. The case is being prosecuted by a team of EFCC lawyers led by senior advocates, including Abba Muhammed and Ekele Iheanacho.

Overall, the charges outline what prosecutors describe as a pattern of fraudulent transactions carried out during Ayeni’s tenure as chairman, involving multiple corporate beneficiaries and repeated movements of funds from the bank’s suspense account.