The Economic and Financial Crimes Commission (EFCC) has taken former chairman of the defunct Skybank Plc, Tunde Ayeni, into custody over alleged involvement in a multi-billion naira fraud and money laundering scheme.
Sources within the anti-graft agency disclosed that Ayeni is currently being interrogated in Abuja following his arrest on Thursday. He is being investigated over the alleged diversion of N36.54 billion and $30 million.
According to investigators, the funds—reportedly obtained as loans from Polaris Bank Plc through multiple entities linked to Ayeni—were meant for specific investment projects. However, preliminary findings suggest the money was redirected into unrelated ventures.
The loans were allegedly secured for purposes including marine security operations, electricity distribution projects, and real estate development. Authorities claim the funds were instead channelled into the acquisition of NITEL/MTEL assets via accounts associated with NATCOM.
Investigators are also probing at least 12 companies reportedly connected to Ayeni, which are believed to have been used to obtain the loans in question.
Sources further alleged that the funds, described as depositors’ money, were misapplied across various transactions that are now under scrutiny.
The EFCC has confirmed the arrest but declined to provide further details, noting that investigations are ongoing. Officials indicated that Ayeni may be formally charged in court upon the conclusion of the probe.
