EFCC Arrests Ex-Skye Bank Chair Over Alleged N36bn Fraud

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

Ayeni was picked up in Abuja on Thursday and is currently in EFCC custody as investigations continue.

The probe involves alleged diversion and misappropriation of about ₦36.5 billion and $30 million, reportedly obtained from Polaris Bank Plc through companies linked to him.

According to sources, the loans were meant for projects in marine security, electricity distribution, and estate development, but were allegedly diverted into accounts used to acquire telecom assets linked to NITEL/MTEL via a NATCOM account.

The EFCC is also investigating about 12 companies connected to Ayeni, which were allegedly used to secure the loans.

Ayeni is expected to be arraigned once investigations are concluded.

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

The case underscores the agency’s continued focus on high-profile financial crimes, with Ayeni’s arrest marking another major step in its anti-graft drive.