Skye Bank, EFCC, Polaris Bank, Olatunde Ayeni, Timothy Oguntayo

The Economic and Financial Crimes Commission (EFCC) have initiated legal action against the former Chairman of Skye Bank, Tunde Ayeni and its former Managing Director, Timothy Oguntayo, due to mismanagement of funds.

Ayeni and Oguntayo were hit with a ten-count charge bordering on money laundering and illegal transfer of cash, which was reportedly claimed as the reason the Nigerian lender went into financial distress.

It was stated that as much as N25.3 billion cash was allegedly taken out of the defunct bank by the key players, a development, many believed contributed to the financial distress of the bank and its eventual fall.

Breakdown of diverted funds

Vanguard reported that in a suit lodged at the Federal High Court Abuja by the Federal government with Ref. No FHC/ABj/CR/37/2019, Ayeni is accused of receiving cash from the bank to the tune of N21.1 billion out of the total amount the government is contending was illegally diverted from the bank.

The court papers also disclosed Ayeni is said to have personally received N17.4 billion and another N3.7 billion from officials of the dead bank, the balance is said to have been diverted by him and the Managing Director of the bank, Timothy Oguntayo, to two firms-Control Dredging Limited and Royaltex Ventures Limited.

The lawsuit was filed by the Economic and Financial Crimes Commission (EFCC) on behalf of the Federal Government who listed the aforementioned diverted funds as ways the fortunes of the defunct Skye Bank were plundered by inside players.

The legal action was initiated on February 18, 2019, with the Federal Government arguing the funds was laundered by the suspects and want them to account for it, although no date has been set for the commencement of trial.

Prior to this 

Minister of Finance Zainab Ahmed had last year stated that all those found culpable for the failure of the bank would be prosecuted.

“all those found culpable in the failure of the bank would be prosecuted. we have to show some examples. we cannot just be bailing out banks and leaving perpetrators of the failure of these banks to just go scot-free.”

The CBN in September last year revoked the bank’s operating licence. It hinged its decision on its inability to provide further liquidity support. The apex bank had in July 2016 dissolved the bank’s board and appointed an interim management team.

Deal book 300 x 250

1 COMMENT

  1. As a young man,i once worked at bank,this fraud would have happened at least over a year,each bank in nigeria do have in-house inspector,and their job is review all bank operation,including financial auditing,we also do have external auditor.Those external auditor are allowed to see financial transaction and memo. with intercontienal bank and oceanic failed due to this global recession of 2007/08.
    Now with skye bank failing in 2017,they were not do banking.the external auditors should have seen this and notified the cbn.now look at this story,there was no restraining action by those men

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