The Economic and Financial Crimes Commission (EFCC) has arrested former chairman of the defunct Skye Bank Plc, Tunde Ayeni, over alleged money laundering, misappropriation, and diversion of funds totalling N36.54 billion and $30 million.
It was gathered that Ayeni was arrested in Abuja on Thursday and is currently being held at the EFCC’s detention facility as investigations intensify into the high-profile financial scandal.
Sources familiar with the case disclosed that the arrest followed months of probe into the alleged diversion of funds obtained from Polaris Bank through multiple entities linked to the businessman.
According to one of the sources, EFCC operatives uncovered a complex web of transactions involving loans allegedly secured for specific investment purposes but subsequently diverted.
“The funds were loans obtained for projects such as marine security operations, electricity distribution contracts, and estate development,” the source said. “However, investigations revealed that the money was redirected to acquire NITEL/MTEL assets through the NATCOM account.”
Further findings indicate that no fewer than 12 companies allegedly linked to Ayeni are under investigation for their roles in securing the loans from Polaris Bank.
The companies are suspected to have been used as vehicles to access depositors’ funds, which were then diverted for unrelated purposes.
Another source within the commission stated that the probe is ongoing and could widen as more financial trails are uncovered.
“These loans were obtained under false pretences and diverted. The EFCC is examining the activities of about 12 entities connected to him. He will be arraigned in court upon the conclusion of investigations,” the source added.
EFCC spokesperson, Dele Oyewale, confirmed Ayeni’s arrest but yet to provide further details, citing the sensitive nature of the ongoing investigation.
Skye Bank, once a major player in Nigeria’s banking sector, was taken over by regulators and later rebranded as Polaris Bank following a liquidity crisis, sparking scrutiny over its corporate governance and lending practices at the time.
Ayeni’s arrest marks one of the most significant banking-related investigations in recent months, as the EFCC continues its crackdown on financial crimes and abuse of the banking system.
Further developments are expected as the commission prepares to file formal charges.
