KEY POINTS

• Tunde Ayeni has been remanded in Kuje prison after pleading not guilty to N8bn money laundering charges filed by the Economic and Financial Crimes Commission.
• The court adjourned his bail hearing to May 13 after his lawyers requested temporary release pending trial.
• The EFCC alleges he diverted billions in loans meant for key projects into other uses, including telecom investments.

A former chairman of Skye Bank Plc, Tunde Ayeni, has been remanded at the Kuje Correctional Centre in Abuja following his arraignment before a Federal Capital Territory High Court on allegations of money laundering amounting to about N8 billion.

The charges, filed by the Economic and Financial Crimes Commission, consist of a 17-count indictment bordering on financial misconduct, to which Ayeni pleaded not guilty, prompting the prosecution to request a trial date and his continued detention pending proceedings.

Following the arraignment, Ayeni’s legal team, led by Ahmed Raji, informed the court that a bail application had already been filed and served on the prosecution, urging the judge to grant a short adjournment to allow for its hearing while also requesting that the defendant be released to his counsel on the assurance that he would appear for trial.

However, Justice Jude Onwuegbuzie declined the immediate request for release and instead adjourned the hearing of the bail application to May 13, maintaining that the defendant should remain in custody until the matter is determined.

EFCC Details Alleged Diversion of Loans and Funds

The anti-graft agency further revealed that Ayeni was arrested on April 24 in Abuja as part of an ongoing investigation into the alleged diversion and misappropriation of funds estimated at N36.5 billion and $30 million, which were reportedly obtained from Polaris Bank through companies linked to him.

According to investigators, the loans, initially secured for specific projects such as marine security, electricity distribution, and real estate development, were allegedly redirected into unrelated ventures, including the acquisition of telecom assets tied to NITEL/MTEL, while about a dozen associated companies are also under scrutiny for their roles in securing and utilising the funds.