The Economic and Financial Crimes Commission (EFCC) on Wednesday re-arraigned Tunde Ayeni, former chairman of Skye Bank, on fresh fraud charges amounting to N15.3 billion before the Federal Capital Territory High Court sitting in Maitama, Abuja.
This court appearance represents the fourth time the anti-graft agency has arraigned Mr Ayeni on this specific set of allegations amid a protracted and stop-start judicial process that began in May. The latest legal maneuver was triggered by the administrative transfer of the case file from Justice Jude Onwuegbuzie of the Apo division to Justice Hamza Mu’azu presiding over the Maitama division. Although the anti-graft agency issued a public update on Wednesday regarding the development, it did not provide explicit reasons for reassigning the matter to a new judge.
What are the specific charges against the former bank chairman?
Initially, the commission brought Mr Ayeni before the court on May 4, followed by a subsequent re-arraignment on June 22. By July, the prosecution amended the charge sheet, expanding the counts to 18. These upgraded allegations include criminal breach of trust, fraudulent misappropriation, and the illegal diversion of approximately N15.6 billion belonging to the distressed Skye Bank. During Wednesday's proceedings, the prosecution stood firm on the amended counts, prompting the defendant to enter a fresh plea of not guilty.
Following the not-guilty plea, prosecuting counsel Abba Muhammed, a Senior Advocate of Nigeria, formally requested a date for the commencement of trial. Meanwhile, defense counsel E. Inegedu urged the court to permit his client to maintain the administrative bail conditions previously granted.
"My client has neither jumped bail nor missed any court dates since the commencement of this trial," Mr Inegedu argued before the bench. While the prosecuting counsel did not oppose the application for the continuation of bail, he left the final determination to the discretion of the presiding judge. Justice Mu’azu ultimately adjourned the matter to January 19 for the formal commencement of trial proceedings, though the court's specific ruling on the bail application was omitted from the commission's official statement.
What is the historical context of the Skye Bank crisis?
The prosecution stems from long-standing allegations concerning the mismanagement of the defunct commercial lender. Mr Ayeni held the position of board chairman at Skye Bank until July 2016, when the Central Bank of Nigeria (CBN) intervened by dissolving the institution's board and management due to a sharp decline in its financial stability. Two years after the regulatory intervention, the apex bank permanently revoked Skye Bank's operating license, subsequently transferring its residual assets and liabilities to Polaris Bank, a bridge bank established specifically to manage the transition. Mr Ayeni was not retained in leadership capacities following the transition to the bridge bank.