The Economic and Financial Crimes Commission (EFCC) on Wednesday re-arraigned former Skye Bank chairman Tunde Ayeni on N15.3 fraud charges before the FCT High Court in Maitama, Abuja.

This is the fourth time the EFCC has arraigned Mr Ayeni on the set of charges in the stop-start trial since May.

The latest re-arraignment followed the transfer of the case from Justice Jude Onwuegbuzie of the Apo division of the court to the current judge, Hamza Mu’azu of the Maitama division.

An EFCC statement, which gave the latest update on the case on Wednesday, did not give reasons for the re-assignment of the case to the new judge.

The EFCC first arraigned Mr Ayeni on 4 May, then re-arraigligned him on 22 June.

In July, the agency amended the case, raising the counts to 18, including criminal breach of trust, misappropriation, and diversion of up to N15.6 billion belonging to Skye Bank.

EFCC maintained the amended charges when it brought Mr Ayeni for the fourth arrangement in the case on Wednesday

Ayeni denies the allegations.

After defence not-guilty plea, EFCC lawyer Abba Muhammed, a Senior Advocate of Nigeria (SAN), requested a trial date, while Mr Ayeni’s lawyer asked the court to allow the defendant to continue on the previous bail.

Mr Ayeni’s lawyer, E. Inegedu, argued that his client had not jumped bail and had consistently attended court proceedings.

Mr Muhammed did not object to the argument but left it to the judge to decide.

The judge fixed 19 January for the commencement of the trial, but EFCC’s statement did not disclose the court’s decision on Mr Ayeni’s bail.

Background

EFCC is prosecuting Mr Ayeni on charges of diversion and misappropriation of N15.6 billion belonging to the defunct Skye Bank. He pleaded not guilty.

Mr Ayeni served as chairperson of the board of Skye Bank until July 2016 when the Central Bank of Nigeria (CBN) removed the bank’s board and management during a regulatory intervention over the lender’s deteriorating financial condition.

Two years later, the CBN revoked Skye Bank’s banking licence and transferred its assets and liabilities to Polaris Bank, a bridge bank established by the regulator. Mr Ayeni did not continue with Polaris Bank after the intervention.

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EFCC re-arraigns ex-Skye Bank chair Tunde Ayeni on N15.6bn fraud charges

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