EFCC detains ex-Skye Bank chairman Tunde Ayeni over alleged ₦36.5bn, $30m fraud

The Economic and Financial Crimes Commission (EFCC) has taken Tunde Ayeni, former chairman of the defunct Skye Bank Plc, into custody over allegations involving the diversion of about ₦36.5 billion and $30 million.

Ayeni was arrested in Abuja on Thursday and remains in EFCC custody while investigations continue.

According to officials familiar with the case, the funds were obtained as credit facilities from Polaris Bank Plc through several companies allegedly connected to him. The loans were reportedly approved for specific purposes, including marine security services, electricity distribution contracts, and real estate development projects.

Investigators say the money was diverted into unrelated uses, including the acquisition of telecom assets associated with NITEL/MTEL through an account linked to NATCOM.

The EFCC is also reviewing transactions involving about 12 companies said to be tied to Ayeni and used in securing the loans.

He is expected to be charged to court after the conclusion of the ongoing investigation.

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