Skye Bank Plc Depositor-Funds Misappropriation

Scandal cluster surrounding the collapse of the defunct Skye Bank Plc (subsumed into Polaris Bank in 2018). EFCC alleges senior officers — Chairman Tunde Ayeni and former MD Timothy Oguntayo — misappropriated depositor funds through suspense-account transfers to companies including Misa Limited and Union Registrar Limited. A 17-count charge was filed in April 2026 against Ayeni; an earlier 2019 charge had cited a 10-count money-laundering complaint over ~₦25.3bn.