The Economic and Financial Crimes Commission has arraigned former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, over an alleged N15.6 billion fraud case.

Ayeni was brought before Justice Jude Onwuzuruike of the High Court of the Federal Capital Territory in Apo, Abuja, on a 17-count charge bordering on alleged criminal breach of trust, misappropriation, and unlawful conversion of investors’ funds amounting to N15,665,085,429.

During Monday’s proceedings, counsel to the EFCC, Ekele Iheanacho (SAN), informed the court that the anti-graft agency was prepared to proceed with the arraignment and requested that the charges be formally read to the defendant.

After the charges were read, Ayeni pleaded not guilty to all 17 counts.

Following his plea, the prosecution asked the court to fix a date for trial and requested that the former bank chairman be remanded in a correctional facility pending the commencement of proceedings.

Counsel to the defendant, Ahmed Raji (SAN), appealed to the court to release Ayeni to his legal team or return him to EFCC custody, noting that the charges were served on a public holiday.

In his ruling, Justice Onwuzuruike adjourned the case until May 13, 2026, for hearing on Ayeni’s bail application and ordered that he be remanded at the Kuje Correctional Centre pending the court’s decision on bail.

According to the charges, Ayeni is accused of allegedly diverting billions of naira from depositors’ funds held in suspense accounts of the defunct bank into private company accounts, in transactions said to be in violation of banking regulations and prudential guidelines.

The EFCC alleges that some of the funds were transferred to corporate accounts in other financial institutions, forming part of the N15.6 billion at the centre of the prosecution’s case.

The matter is expected to continue with the hearing of the bail application later this month.