Connect with us

EFCC

EFCC Arraigns Former Skye Bank Chairman, Tunde Ayeni, over ₦15.6bn Fraud

Published

on

The Economic and Financial Crimes Commission (EFCC), on Monday, May 4, 2026, arraigned former Chairman of the Board of Directors of defunct Skye Bank Plc, Tunde Ayeni, before Justice Jude Onwuzuruike of the Federal Capital Territory (FCT) High Court, Apo, Abuja.

Ayeni was arraigned on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of investors’ funds to the tune of ₦15,665,085,429 (Fifteen Billion, Six Hundred and Sixty-Five Million, Eighty-Five Thousand, Four Hundred and Twenty-Nine Naira).

Prosecution counsel, E. E. Iheanacho, SAN, informed the court that the matter was slated for arraignment and that the prosecution was ready for trial.

“We have before the court a 17-count charge dated April 28, 2026. We humbly apply that the charge be read to the defendant,” he said.

Count Three of the charge reads:
“That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc, between October 21 and November 19, 2014, in Abuja, within the jurisdiction of this Honourable Court, and having dominion over depositors’ funds domiciled in Skye Bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of ₦3,201,535,429.42 by transferring same to Misa Limited’s accounts (Nos. 1011295717 and 1011295718) domiciled with Zenith Bank, in violation of prudential guidelines and other regulations, thereby committing an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.”

Count Five reads:
“That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc, on or about November 27, 2014, in Abuja, within the jurisdiction of this Honourable Court, and having dominion over depositors’ funds domiciled in Skye Bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of ₦5,078,550,000 by transferring same to Union Registrars Limited’s account (No. 0003490559) domiciled with Union Bank, in violation of prudential guidelines and other regulations, thereby committing an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act.”

Ayeni pleaded “not guilty” to all charges when they were read to him.

Following his plea, Iheanacho urged the court to fix a trial date and remand the defendant in a correctional centre.

Defence counsel, Ahmed Raji Bashir, SAN, informed the court that the charge was served on the defendant on a public holiday and urged the court to either release him to counsel or return him to EFCC custody.

Justice Onwuzuruike adjourned the matter to May 13, 2026, for the hearing of the bail application and ordered that the defendant be remanded at the Kuje Correctional Centre pending the determination of the bail application.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

EFCC

EFCC Uncovers Chinese-Operated Illegal Oil Refinery in Ogun

Published

on

The Economic and Financial Crimes Commission (EFCC) has uncovered an illegal oil refinery allegedly operated by Chinese nationals in the Ogere area of Ogun State.

The operation, conducted on Saturday, October 31, 2026, by operatives of the EFCC’s Lagos Zonal Directorate 2, followed credible intelligence and surveillance by the Commission into the activities of illegal sludge oil refiners.

The refinery was deserted when EFCC operatives stormed the premises, following the Commission’s earlier clampdown on four illegal lithium processing plants in the area.

However, waste products from the refining process were discovered at the site.

During the raid, operatives also discovered underground tanks believed to have been used for heating and processing sludge oil.

Two of the tanks inspected contained substances suspected to be Automotive Gas Oil (AGO), commonly known as diesel.

Preliminary investigations revealed that the operators sourced sludge oil, also known as black sludge, from Warri, Delta State, and Port Harcourt, Rivers State, and transported it to the illegal facility in Ogere for processing.

Further investigations indicated that the operators subjected the sludge oil to intense heat, allowing lighter petroleum components to pass through a series of chambers and filters in a process believed to produce Automotive Gas Oil (AGO) for sale in the Nigerian market.

Security personnel at the facility reportedly told EFCC operatives that the Chinese operators had neither disclosed their identities nor identified the company behind the facility.

Consequently, operatives of the EFCC’s Lagos Zonal Directorate 2 have taken over the premises as investigations continue to establish the identities of the operators, determine ownership of the facility and ascertain the full extent of the suspected illegal activities and economic sabotage.

Continue Reading

EFCC

EFCC Counsel Misquoted in ALGON Lawyer’s Fraud Allegation Judgment

Published

on

The Economic and Financial Crimes Commission (EFCC) views with grave concern the misrepresentation of the reaction of its counsel, Larry Peters Aso, to the judgment delivered by Justice Suleiman Belgore of the Federal Capital Territory (FCT) High Court in a fundamental rights enforcement suit filed by legal practitioner Dr Ted Iseghoi-Edwards.

The judge reportedly cleared Iseghoi-Edwards of alleged fraud relating to services rendered to the nation’s 774 local government councils. He also disagreed with the EFCC’s position regarding its investigation report on the London-Paris Club refunds.

Reacting to the judgment, Aso thanked the judge for his industry in attending to the matter and stated that the EFCC would apply for a Certified True Copy (CTC) of the judgment “and study it to know the necessary steps to take.”

He did not make any statement about an EFCC report from 2024 concerning allegations that Iseghoi-Edwards “fraudulently obtained the judgments, because he instituted proceedings against the Federal Government in the United States.”

Additionally, claims that Aso said the report was prepared under pressure from higher authorities “after Iseghoi-Edwards assigned his promissory notes to third parties in the United States, where they threatened to sue the Federal Government” are entirely mischievous and amount to deliberate character assassination.

This framing was intended to insinuate that extraneous influences affected the matter, which was not the case.

The record of proceedings from Tuesday, October 20, 2026, when the judgment was delivered, can be accessed to verify Aso’s reaction.

The Commission urges the media to be more objective in reporting court proceedings in the interest of justice.

Continue Reading

EFCC

FBI Commends Olukoyede, EFCC for Support in Tackling Sextortion, Cybercrime

Published

on

The Federal Bureau of Investigation (FBI) has commended the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Commission for their efforts and vital role in Operation Artemis, a joint international effort to disrupt financially motivated sextortion networks targeting minors.

The commendation was conveyed in a letter signed by FBI Director Kash Patel, who praised the Commission for its collaboration with the Bureau in the arrest and extradition of suspects facing federal charges in the United States.

In the letter addressed to Olukoyede, Patel acknowledged the Commission’s contribution to the operation, stating that “the Economic and Financial Crimes Commission, EFCC, has played a vital role in Operation Artemis, a joint effort focused on disrupting financially motivated sextortion rings targeting juveniles.”

He said that, under Olukoyede’s leadership, the EFCC designated personnel to support the investigations and facilitate the transfer of suspects from Nigeria to face prosecution in the United States.

Specifically, the FBI Director commended the EFCC for apprehending Adebola Festus Adekunle and Mudashiru Afeez Olawale, who were indicted in the United States in 2023 over allegations relating to the sexual exploitation and extortion of minors.

The two suspects were extradited to the United States in August 2026, with the EFCC facilitating the process following investigations and extradition proceedings. They are facing federal charges relating to sexual exploitation in cases involving the deaths of minors.

Patel noted that the successful outcome of the cases would not have been possible without the EFCC’s assistance and commitment to international law enforcement cooperation.

“The successful outcome of these cases would not have been possible without your assistance and dedication to international law enforcement collaboration,” he said.

The FBI Director further expressed appreciation to Olukoyede and the Commission for their commitment to justice and continued cooperation, while expressing optimism about strengthening the partnership between both agencies.

“Please accept my sincere appreciation for your commitment to justice and steadfast cooperation. I look forward to the continued partnership with the EFCC,” he stated in the letter.

The extradition of Adekunle and Olawale followed FBI investigations into separate sextortion schemes targeting male minors in the United States. The investigations linked the alleged activities to two teenage victims who died by suicide after being subjected to online sexual exploitation and extortion.

Continue Reading

Trending

Copyright © 2025 JaraJournal.