EFCC re-arraigns Tunde Ayeni for N15.6bn fraud
Analysis based on 12 articles · First reported Jul 16, 2026 · Last updated Jul 16, 2026
The case reinforces regulatory scrutiny in Nigeria's banking sector, potentially affecting investor confidence in Polaris Bank and other legacy institutions. However, the event is limited to a former executive and does not directly impact current banking operations.
The Nigeria — Economic and Financial Crimes Commission (EFCC) has re-arraigned Tunde Ayeni, former chairman of the defunct Polaris Bank Limited Plc (now Polaris Bank Limited), before the Federal Capital Territory High Court in Abuja on an amended 18-count charge of criminal breach of trust, misappropriation, and diversion of N15.6 billion. The charges stem from alleged transfers from Polaris Bank Limited's suspense account to Misa Limited and Greenwich Registrars in 2014. Ayeni pleaded not guilty. The prosecution is ready to proceed, but the defence has challenged the court's jurisdiction. The case has been adjourned to July 20, 22, and 23, 2026, for trial continuation. This is the third arraignment of Ayeni on the same charges, following amendments by the EFCC. Polaris Bank Limited's license was revoked in 2018 by the Nigeria — Central Bank of Nigeria, leading to the creation of Polaris Bank.
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