Ayeni was arraigned on Monday Justice Jude Onwuzuruike of the FCT High Court in Apo, Abuja, on a 17-count charge bordering on criminal breach of trust, misappropriation and alleged diversion of investors’ funds amounting to N15,665,085,429.
At the commencement of proceedings, EFCC counsel Ekele Iheanacho (SAN) told the court that the matter was slated for arraignment and that the prosecution was ready to proceed. He urged the court to allow the charges, dated April 28, 2026, to be read to the defendant.
Ayeni pleaded not guilty to all 17 counts.
Following his plea, the prosecution asked the court to fix a trial date and remand the former bank chairman in a correctional facility pending the commencement of trial.
Defence counsel Ahmed Raji (SAN), however, informed the court that the charge had been served on the defendant on a public holiday and appealed that Ayeni be released to his lawyers or returned to the custody of the EFCC.
In his ruling, Justice Onwuzuruike adjourned the case until May 13, 2026, for hearing of the bail application and ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail.
According to the charge, Ayeni is accused of misappropriating billions of naira from depositors’ funds domiciled in the suspense account of the defunct Skye Bank while serving as chairman of the bank’s board in 2014.
One of the counts alleges that between October 21 and November 19, 2014, he dishonestly transferred N3.2 billion from the bank’s suspense account to the accounts of Misa Limited domiciled with Zenith Bank Plc.
Another count alleges that on November 27, 2014, he unlawfully transferred N5.07 billion from the same suspense account to the account of Union Registrar Limited domiciled with Union Bank of Nigeria Plc.
The EFCC said the transactions violated prudential banking guidelines and other regulations, and are punishable under Sections 311 and 312 of the Penal Code.
