The Economic and Financial Crimes Commission (EFCC) on Monday re-arraigned the former Chairman of the Board of Directors of the defunct Skye Bank Plc, now Polaris Bank Limited, Mr. Tunde Ayeni, before the Federal Capital Territory (FCT) High Court in Apo, Abuja, over an alleged N15.6 billion fraud.

Ayeni was re-arraigned before Justice Jude Onwuegbuzie on an amended 18-count charge bordering on alleged criminal breach of trust, misappropriation and diversion of funds. 

This is following the anti-graft agency's filing of additional proof of evidence.

At the resumed proceedings, counsel to the EFCC, Abba Mohammed (SAN), informed the court that the commission had filed an amended charge and additional proof of evidence on June 22, 2026.

Responding, defence counsel, Abdul Mohammed (SAN), confirmed receipt of the amended charge and accompanying documents.

The defendant pleaded not guilty to all 18 counts after they were read to him in court.

According to the amended charge, Ayeni is accused of unlawfully diverting and misappropriating depositors' funds domiciled in the suspense account of the defunct Skye Bank while serving as chairman of the bank's board.

One of the counts alleged that on September 18, 2014, Ayeni dishonestly transferred N510 million from the bank's suspense account to an account belonging to Capital Field Investment Group Limited, contrary to the bank's operational policy and in violation of the Penal Code.

Another count alleged that on September 23, 2014, he transferred N600 million from the same suspense account to an account operated by Harigold Ventures Limited with Sterling Bank, an act the prosecution described as a criminal breach of trust.

The EFCC maintained that the transactions formed part of a broader scheme involving the alleged diversion and misappropriation of N15.6 billion in depositors' funds.

Ayeni was initially arraigned on May 4, 2026, on a 17-count charge before the court. 

However, the commission subsequently amended the charges and increased the count to 18 following the filing of additional evidence.

After hearing from both parties, Justice Onwuegbuzie adjourned the matter until July 6, 2026, for the commencement of trial.