BREAKING: EFCC Arrests Tunde Ayeni Over Alleged N36.5bn, $30m Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested Tunde Ayeni, the former chairman of Skye Bank Plc, over a multi-billion naira fraud.

Sources confirmed that Ayeni was apprehended in Abuja on Thursday and is currently in EFCC custody as investigations continue.

The EFCC is probing the alleged misappropriation of N36.5 billion and $30 million, reportedly diverted from Polaris Bank Plc through companies linked to the suspect.

The funds were initially secured as loans for specific projects, but they were allegedly diverted into other accounts and used for unrelated purposes.

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The loans, which were intended for marine security, electricity distribution contracts, and estate development, were instead reportedly channeled into the acquisition of telecommunications assets tied to NITEL and MTEL through a NATCOM account.

Investigators are also looking into about 12 companies allegedly connected to Ayeni, which were used to obtain loans from Polaris Bank.

Ayeni is expected to be arraigned in court after the completion of investigations.

EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide additional details.

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