N15.6bn fraud trial: Zenith Bank Compliance officer testifies against Tunde Ayeni

Chinedum Ukaegbu

Economic and Financial Crimes Commission (EFCC) on Monday presented its first prosecution witness in the ongoing trial of former Chairman of the defunct Skye Bank Plc (now Polaris Bank Limited), Tunde Ayeni, over an alleged N15.6 billion fraud.

The witness, Remigus Ugwu, a Compliance Officer with Zenith Bank Plc, testified before Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court, Apo, Abuja, detailing the bank’s response to the EFCC’s request for financial records linked to entities associated with the defendant.

Led in evidence by the prosecution counsel, Abba Muhammed (SAN), Ugwu told the court that the EFCC requested account opening documents, statements of account, certificates of identification and other banking records relating to Capital Assets Ltd, Dhuha Engineering Services Ltd, Misa Ltd and other entities during the course of its investigation.

According to the witness, the requested documents were retrieved from Zenith Bank’s database, verified and forwarded to the anti-graft agency.

“I printed the statements of the accounts of the customers mentioned, together with the account opening documents. I compared the statements of accounts printed from our computer with the information stored in our computer system, which we use for our day-to-day activities and found it to be correct.

“I issued the certificate of identification, which I personally signed. We also raised a covering letter forwarding all the documents requested by the EFCC, and the letter was signed by myself and another colleague,” Ugwu told the court.

According to the Head, Media & Publicity, EFCC, Dele Oyewale, the witness further stated that he could identify both the EFCC’s investigation request and Zenith Bank’s official response, noting that the documents bore the bank’s acknowledgement stamp, official letterhead, logo and the names of the affected customers.

After examining the documents presented to him in court, Ugwu confirmed their authenticity, saying, “My Lord, these are the documents.”

However, when the prosecution sought to tender the documents as exhibits, defence counsel, Olalekan Ojo (SAN), objected to their admissibility, arguing that the documents had not been properly certified.

Following the objection, Justice Onwuegbuzie adjourned proceedings until Wednesday, July 22, 2026, to rule on the admissibility of the disputed documents.

Ayeni is standing trial on an 18-count charge filed by the EFCC, bordering on alleged criminal breach of trust, misappropriation and diversion of funds amounting to N15.6 billion. The trial is expected to continue after the court rules on the prosecution’s documentary evidence.
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