ABUJA, Nigeria — The Economic and Financial Crimes Commission has re-arraigned Tunde Ayeni, former chairman of the board of the defunct Skye Bank Plc, now Polaris Bank, over an alleged N15.6 billion fraud, marking the third time the former bank chief has been brought before the court in less than two months.
Ayeni was re-arraigned on Thursday before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo on an amended 18-count charge bordering on criminal breach of trust, misappropriation, and diversion of funds.
The EFCC had initially arraigned Ayeni on July 2, 2026, before Justice Onwuegbuzie on a 14-count charge. He was re-arraigned a second time on July 9, 2026, after the prosecution amended the charges. Thursday’s re-arraignment marks the third time the case has been called.
According to the EFCC, the alleged offences contravene Sections 315, 311, and 312 of the Penal Code Act, Laws of the Federation of Nigeria, 2004, and are punishable under the same provisions.
Ayeni pleaded not guilty to all 18 counts when the charges were read to him in court. His counsel, Chief Chris Uche (SAN), informed the court that the defence had filed a motion challenging the jurisdiction of the court to hear the case.
Uche argued that the alleged offences were committed in Lagos State and that the court lacked territorial jurisdiction to entertain the matter. He also told the court that a similar application had been filed by his client’s co-defendants.
The EFCC counsel, Mr. O. O. Ogunbiyi, opposed the application and urged the court to proceed with the trial, arguing that the court had jurisdiction to hear the matter.
After hearing arguments from both parties, Justice Onwuegbuzie adjourned the case to July 23, 2026, for ruling on the jurisdiction application. The judge also ordered that the defendant be remanded in the custody of the EFCC pending the determination of the application.
Ayeni served as the chairman of the board of Skye Bank Plc before it was taken over by the Central Bank of Nigeria and renamed Polaris Bank in 2018. The EFCC had previously investigated several former directors and executives of the defunct bank over allegations of mismanagement and fraud.
The repeated re-arraignments have drawn attention to the legal proceedings, with observers noting that the case appears to be progressing through procedural stages as the prosecution and defence prepare for the substantive trial.
The court is expected to deliver its ruling on the jurisdiction challenge on July 23, after which the case will proceed to trial if the court affirms its jurisdiction to hear the matter.
