Tunde Ayeni, former Chairman of defunct Skye Bank Plc, has secured bail in a high-profile fraud case. The Economic and Financial Crimes Commission arraigned him over the alleged diversion of depositors' funds.
The FCT High Court in Apo, Abuja, delivered the ruling on Monday. Justice Jude Onwuzuruike admitted Ayeni to N200 million bail with two sureties in like sum.
The sureties must be federal civil servants. They need to provide employment letters, national ID cards, and landed property worth significant value. One surety must also furnish a N15 billion bank guarantee.
Ayeni faced a 17-count charge bordering on criminal breach of trust and misappropriation. The total sum involved stands at N15,665,085,429. Prosecutors detailed transfers from the bank's suspense account in 2014 to companies linked to him.
One count alleged diversion of over N3.2 billion to Misa Limited. Another involved N5 billion routed to Union Registrar Limited. These moves allegedly violated banking regulations and prudential guidelines.
Ayeni pleaded not guilty when arraigned on May 4. The court initially remanded him at Kuje Correctional Facility. EFCC lawyers opposed bail, citing the gravity of the allegations.
Defence counsel argued for his release, emphasizing presumption of innocence. The judge eventually ruled in Ayeni's favour, stressing that bail ensures trial attendance. Ayeni must meet all conditions before leaving custody.
This case revives scrutiny on Skye Bank's collapse. The lender faced serious governance issues under different leaderships before its takeover and rebranding as Polaris Bank. Ayeni's tenure drew questions over large exposures and related-party transactions.
Public reaction on X has been sharp. Many users question why such cases often end in prolonged trials with comfortable outcomes for the accused. Others highlight perceived leniency in Nigeria's justice system for high-profile figures.
Ayeni's troubles extend beyond banking. He was entangled in a messy paternity and adultery scandal with Abuja lawyer Adaobi Alagwu. She accused him of deception into a customary marriage and fathering a child. The saga played out publicly with claims of property settlements and blackmail.
Critics view the current fraud trial as another chapter in a pattern. Ayeni once enjoyed influence in business and political circles. His arrest earlier in 2026 also probed additional sums linked to telecom assets, though charges focused on the N15.7 billion matter.
The EFCC maintains the case will proceed to full trial. Depositors and investors who lost confidence in the defunct bank continue to watch developments closely.
As conditions for bail are being perfected, attention shifts to the next court date. This matter tests whether accountability applies equally in Nigeria's financial sector scandals. Many remain skeptical, given past outcomes in similar elite cases.
The developments underscore ongoing challenges in cleaning up the banking industry. For Tunde Ayeni, the fight to clear his name has only just begun in open court.
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