A High Court of the Federal Capital Territory sitting in Apo has remanded former Skye Bank chairman, Tunde Ayeni, in prison custody over an alleged N8 billion fraud case filed by the Economic and Financial Crimes Commission.

The court ordered his remand on Monday after he was arraigned on a 17-count charge bordering on money laundering.

Court orders remand after arraignment

Trial judge Jude Onwuegbuzie gave the order after Ayeni pleaded not guilty to all charges brought against him.

Following the plea, EFCC counsel, Ekele Iheanacho, asked the court to fix a date for trial and requested that the defendant be remanded in custody pending proceedings.

The court granted the request, ordering Ayeni to be held in prison custody.

Defence pushes for bail hearing

Counsel to the defendant, Ahmed Raji (SAN), informed the court that a bail application had already been filed and served on the prosecution.

He appealed for a short adjournment to allow the court hear the bail application, adding that the defence only received the charge sheet on April 23, 2026, during a public holiday.

Raji also urged the court to release Ayeni to his legal team, assuring that he would be available for trial.

Court fixes date for bail application

Justice Onwuegbuzie adjourned the case to May 13 for the hearing of the bail application.

The judge, however, declined the request for immediate release, insisting that the defendant remain in custody pending the next hearing.

EFCC probes wider fraud allegations

Ayeni’s arraignment follows his arrest by the EFCC in Abuja on April 24 over alleged financial crimes.

Investigators are probing claims that he was involved in the diversion of funds estimated at N36.5 billion and $30 million, reportedly obtained from Polaris Bank through companies linked to him.

The case adds to a growing list of high-profile financial crime prosecutions currently before Nigerian courts.