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 reportedly picked up in Abuja on Thursday, April 23, and is currently in EFCC custody as investigations continue.
Investigation into Fund Diversion
The anti-graft agency is probing the alleged diversion and misappropriation of funds estimated at N36.5 billion and $30 million, said to have been obtained from Polaris Bank Plc through companies linked to him. According to reports, the funds were originally secured as loans for specific projects but were allegedly diverted into other accounts and used for different purposes.
How Funds Were Allegedly Diverted
The loans, which were reportedly intended for marine security, electricity distribution contracts, and estate development, were allegedly channelled into the acquisition of telecommunications assets linked to NITEL/MTEL through a NATCOM account. Investigators are also examining about 12 companies associated with Ayeni, which are believed to have been used to obtain the loans from Polaris Bank.
Ayeni is expected to be arraigned after the conclusion of investigations.
