Court convicts two of impersonating EFCC officers, sets date for sentencing

The Economic and Financial Crimes Commission (EFCC) re-arraigned former Skye Bank chairman Tunde Ayeni on Thursday before the Federal Capital Territory High Court in Apo, Abuja, marking the third time he has entered a plea to charges of fraud involving N15.6 billion. The arraignment followed an amendment to the charges, which increased the number of counts from 17 to 18. During the proceeding, Mr Ayeni pleaded not guilty to the allegations of criminal breach of trust, misappropriation, and diversion of funds. The EFCC is prosecuting him on 18 charges related to the alleged misuse of Skye Bank’s resources. The EFCC first arraigned Mr Ayeni on 4 May, after which the court remanded him in prison pending the outcome of his bail application. He was re-arraigned on 22 June and again on Thursday. According to the EFCC’s Head of Media and Publicity, Dele Oyewale, the defendant was informed of the charges and responded by pleading not guilty. The charges allege that while serving as chairperson of the defunct Skye Bank Plc, now known as Polaris Bank Limited, Mr Ayeni directed the transfer of N3.11 billion from the bank’s suspense account to Misa Limited’s account with Zenith Bank in November 2014. Another charge alleges that he orchestrated the transfer of approximately N5 billion to Greenwich Registrars’ account with Union Bank in December 2014. These actions are alleged to constitute criminal breach of trust under the Penal Code. During the arraignment, the EFCC’s lawyer, Abba Muhammed, stated that the prosecution was prepared to begin the trial and that its first witness was present in court. However, Mr Ayeni’s legal representative, Olalekan Ojo, objected to the immediate commencement of the trial, citing that the prosecution had not yet filed the summary of the witness’s statement. The prosecution countered that the summary had been submitted along with the second amended charge. Judge Jude Onwuegbuzie ruled that the prosecution had met the required procedural standards and scheduled the trial for 20, 22, and 23 July. Mr Ayeni served as chairperson of Skye Bank until July 2016, when the Central Bank of Nigeria (CBN) intervened due to the bank’s declining financial health. The CBN later revoked Skye Bank’s license and transferred its assets and liabilities to Polaris Bank, a bridge bank created by the regulator. Mr Ayeni did not continue with Polaris Bank following the intervention. The EFCC’s investigation into his conduct began after examining transactions conducted while he chaired the bank’s board. The commission alleges that billions of naira were improperly moved from the bank’s suspense account to entities linked to other defendants, violating the bank’s internal policies and regulatory guidelines. Mr Ayeni has consistently denied these allegations and maintained his innocence throughout the proceedings. The case against Mr Ayeni stems from the EFCC’s broader efforts to combat financial crimes within the banking sector. The commission has previously highlighted cases involving high-profile individuals and institutions, often resulting in substantial fines or imprisonment. This trial represents one such effort to hold former executives accountable for alleged misconduct. The ongoing legal battle underscores the complexities of prosecuting financial crimes, particularly when dealing with large sums and multiple layers of corporate structure. The outcome of this case could have implications for future investigations into similar allegations.