Tunde Ayeni, a former chairman of the defunct Skye Bank Plc, was on Monday arraigned before the Federal Capital Territory High Court in Apo, Abuja, over an alleged N15.6 billion fraud.

The arraignment, carried out by the Economic and Financial Crimes Commission (EFCC), took place before  Jude Onwuzuruike (Justice), who is presiding over the case.

Ayeni is facing a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds amounting to N15,665,085,429.

According to the prosecution, led by E.E. Iheanacho, the defendant allegedly abused his position as chairman of Skye Bank’s board in 2014 to divert depositors’ funds held in the bank’s suspense accounts.

One of the counts alleges that Ayeni, between October 21 and November 19, 2014, dishonestly misappropriated N3.2 billion by transferring the funds to accounts belonging to Misa Limited domiciled in Zenith Bank, in violation of banking regulations and prudential guidelines.

In another count, the EFCC accused him of diverting an additional N5.078 billion on November 27, 2014, to an account linked to Union Registrar Limited with Union Bank, also in breach of regulatory provisions.

The anti-graft agency argued that the alleged actions contravened Sections 311 and 312 of the Penal Code, which deal with criminal breach of trust and prescribe penalties for such offences.

At Monday’s proceedings, Iheanacho informed the court that the matter was scheduled for arraignment and that the prosecution was ready to proceed to trial. He subsequently applied for the charges to be read to the defendant.

Ayeni pleaded not guilty to all 17 counts when they were read in open court.

Following the plea, the prosecution urged the court to fix a date for trial and remand the defendant in a correctional facility pending the determination of the case.

Ahmed Raji Bashir, Counsel to the defendant, told the court that the charge had been served on his client on a public holiday, which he said was noteworthy.

He, however, applied for Ayeni to be released to his custody or, in the alternative, returned to the custody of the EFCC.

In his ruling,  Onwuzuruike adjourned the matter to May 13, 2026, for the hearing of the bail application.

The court also ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail request.