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N15.67bn Case: Court Remands Ex-Skye Bank Chair Tunde Ayeni in Kuje

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By Modupe Gbadeyanka

The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been remanded at the Kuje Correctional Centre pending the determination of his bail application.

He was moved to the facility after he was brought before Justice Jude Onwuzuruike of the Federal Capital Territory (FCT) High Court, Apo, Abuja, by the Economic and Financial Crimes Commission (EFCC) on Monday, May 4, 2026.

He will remain at the correctional centre until the hearing of his bail plea on Wednesday, May 13, 2026, the judge declared.

The former banker is facing trial on a 17-count charge bordering on criminal breach of trust, misappropriation and conversion of investors’ funds worth N15.67 billion.

Prosecution counsel, Mr E.E. Iheanacho (SAN), informed the court that the matter was slated for arraignment and prosecution was ready for trial.

“We have before the court a 17-count charge dated April 28, 2026. We humbly apply that the charge be read to the defendant,” he said.

“That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc between October 21, 2014, and November 19, 2014, at Abuja within the jurisdiction of this court and having dominion over depositors funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of N3.2 billion by transferring same to Misa Limited’s account No: 1011295717 and 1011295718 domiciled with Zenith Bank in violation of the Prudential Guidelines and other regulations and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act,” count three of the charge read.

The count five said, “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the Defunct Skye Bank Plc on or about November 27, 2014, at Abuja within the jurisdiction of this court and having dominion over depositors’ funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of N5.1 billion by transferring same to Union Registrar Limited’s Account No: 0003490559 domiciled with Union Bank in violation of the Prudential Guidelines and other Regulations and thereby Committed an offence contrary to Section 311 of the Penal Code and Punishable under Section 312 of same Act.”

After the charges were read to him, Mr Ayeni pleaded “not guilty,” prompting Mr Iheanacho to pray the court for a trial date and asking for the remand of the defendant in a correctional centre.

The defence counsel, Mr Ahmed Raji Bashir (SAN), informed the court that the charge was given to the defendant on a public holiday, adding that he considered it imperative to inform the court. He also prayed the court to release the defendant to him or return him to the custody of the EFCC.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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SERAP Rejects FCT High Court Verdict in DSS Officials’ N5.5bn Suit

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By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has rejected the judgment of the Federal Capital Territory High Court (FCT) Abuja, in the N5.5 billion defamation lawsuit filed against the organisation by two officials of the Department of State Services (DSS).

Justice Yusuf Halilu of the High Court of the Federal Capital Territory on Tuesday ordered SERAP to pay N100 million in damages to the DSS officials for alleged defamation.

The court also directed the organisation to issue public apologies, pay N1 million in litigation costs, and a 10 per cent annual post-judgment interest on the damages until fully paid.

Reacting in a statement signed by its Deputy Director, Kolawole Oluwadare, SERAP said: “This judgment is totally unacceptable to us. It is a travesty and a serious blow to civic space in Nigeria. It reflects a troubling pattern under the government of President Bola Ahmed Tinubu of using defamation laws to punish legitimate criticism and suppress accountability.”

SERAP added, “We have instructed our lawyers, Tayo Oyetibo, SAN, and Ebun-Olu Adegboruwa, SAN, to immediately appeal this judgment.”

The statement read in part: “This case represents a textbook example of judicial harassment and a strategic lawsuit against public participation (SLAPP), designed to intimidate civil society and deter legitimate human rights advocacy.

“The Tinubu government is misusing both the DSS and the judicial system to target activists, journalists, and ordinary Nigerians who are peacefully exercising their fundamental human rights.

“Rather than deploying state institutions to intimidate critics, the government should be protecting those working to expose corruption, including allegations involving the Nigerian National Petroleum Company Limited.

“We strongly disagree with the judgment, which fails to reflect the evidence presented before the court and disregards Nigeria’s constitutional guarantees and international human rights obligations.

“This judgment sends a dangerous message and creates a chilling effect on freedom of expression, civic participation, and anti-corruption work.

“Strategic lawsuits against public participation undermine the rule of law by diverting judicial processes from their proper purpose—justice—to repression.

“Courts have a duty to prevent the misuse of legal proceedings and to safeguard the rights to freedom of expression and association.

“The judgment raises serious concerns regarding compliance with international human rights law. Judicial authorities must ensure that defamation laws are not weaponised to silence dissent or suppress legitimate advocacy.

“We are committed to pursuing all available legal avenues, including appeal, to ensure that the rule of law is upheld and that fundamental rights are protected. We stand resolute. We will continue to defend civic space, promote transparency, and advance accountability in Nigeria.

“Our work—particularly in promoting transparency, challenging corruption, and addressing illicit financial flows—is carried out in the public interest and in accordance with the law.”

SERAP further stated: “The Tinubu government has continued to fail to investigate the allegations of corruption our organisation raised against the Nigerian National Petroleum Company Limited (NNPCL).

“We call on Nigerian authorities to uphold their constitutional and international human rights obligations, including the duty to protect human rights defenders and ensure that security agencies operate lawfully, transparently, and accountably.”

The lawsuit arose after SERAP, on September 9, 2024, alleged that DSS officials unlawfully entered its Abuja office following the organisation’s call on President Tinubu to investigate corruption allegations in the NNPC Limited and reverse fuel price increases.

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Tinubu Seeks Senate Confirmation of Tegbe as Power Minister

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By Adedapo Adesanya

President Bola Tinubu has written to the Senate seeking confirmation of the nomination of Mr Joseph Tegbe as the Minister of Power in the Federal Republic of Nigeria.

The request, read by the President of the Senate, Mr Godswill Akpabio, during plenary on Tuesday, was conveyed in a letter addressed to the Senate.

President Tinubu, citing Section 147(2) of the 1999 Constitution (as amended), which empowers the President to nominate ministers subject to Senate confirmation, urged lawmakers to give the request prompt consideration.

Last week, Mr Tinubu nominated Mr Tegbe as the Minister of Power, following the resignation of Mr Adebayo Adelabu to pursue a governorship ambition in Oyo State under the All Progressives Congress (APC) in the 2027 polls.

In the same vein, President Tinubu sought confirmation of two other nominees: Ambassador Sola Enikanolaiye as Minister of State, as well as Mr Rabiu Abdullahi Umar as the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

“The nomination has been transmitted to the Senate for screening and confirmation in accordance with the Constitution,” a statement by presidential spokesperson Mr Bayo Onanuga read in part.

Like his predecessor, Mr Tegbe is from Oyo State. He is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors.

A former Senior Partner and Head of Advisory Services at KPMG Africa, he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance in that firm.

Mr Tegbe has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.

Until his nomination, he served as the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), and was responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.

Key priority for Mr Tegbe, if confirmed, will be to institute and execute policies that can help fix one of Nigeria’s most crucial sectors.

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Court Orders SERAP to Pay DSS Operatives N100m For Defamation

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By Adedapo Adesanya

Justice Halilu Yusuf of the Federal Capital Territory High Court, Abuja, has awarded N100 million in damages against the Incorporated Trustees of the Socio-Economic Rights and Accountability Project (SERAP).

In his judgment, Justice Yusuf held that two operatives of the Department of State Services (DSS) were right to institute a defamation suit against SERAP.

In the suit, filed in the names of the two DSS officials, Ms Sarah John and Mr Gabriel Ogundele, the claimants accused SERAP of making a false allegation that they invaded its office in Abuja on September 9, 2024.

The court also ordered the organisation to tender a public apology to the two operatives, to be published in two national newspapers and broadcast on two television stations.

In addition, the court awarded N1 million against SERAP as the cost of litigation.

The judgment further stipulated a 10 per cent interest on the damages until the sum is fully paid.

The case follows a dispute that began in September 2024 when SERAP alleged that DSS officers “unlawfully invaded” its Abuja office.

In a post on its X account, the group said, “Officers from Nigeria’s State Security Service are presently unlawfully occupying SERAP’s office in Abuja, asking to see our directors.”

It added, “President Bola Tinubu must immediately direct the SSS to end the harassment, intimidation, and attack on the rights of Nigerians.”

The DSS, however, denied the claims.

It said the visit by its officers was routine and meant to engage the organisation’s new leadership.

The officers later sued, insisting that “no invasion occurred” and that the claims damaged their reputation and led to disciplinary action.

However, SERAP maintained its position.

In a later statement, it said, “We stand by our statements of defence and statements on oath,” insisting that DSS officers “unlawfully invaded our Abuja office.”

During court proceedings, witnesses reportedly said no physical assault took place.

SERAP’s Deputy Director, Mr Kolawole Oluwadare, told the court the claims were based on information from a staff member.

Counsel to the DSS officers, Mr Oluwagbemileke Kehinde, urged the court to grant all reliefs, arguing that the claimants had “substantially proved their case.”

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