EFCC Arrests Ex-Skye Bank Chairman Tunde Ayeni Over N36.5bn Fraud

ABUJA, NIGERIA — The Economic and Financial Crimes Commission has taken into custody a prominent businessman and former chairman of Skye Bank Plc, Tunde Ayeni, over alleged multi-billion naira fraud.

Sources familiar with the operation told NaijaChoice News that operatives arrested Ayeni in Abuja on Thursday. He remains in EFCC custody as investigators intensify their work.

The anti-graft agency is examining claims of diversion and misappropriation involving funds estimated at N36.5 billion and $30 million. These sums were reportedly secured from Polaris Bank Plc through companies associated with the businessman.

Investigators allege the loans were meant for defined projects such as marine security, electricity distribution contracts, and estate development. Instead, a substantial portion was allegedly moved to other accounts for purposes unrelated to the original agreements.

Part of the funds is also believed to have supported the acquisition of telecom assets connected to NITEL/MTEL via a NATCOM account.

The EFCC is currently probing around 12 companies said to be linked to Ayeni, which allegedly served as vehicles for securing the facilities.

EFCC spokesperson Dele Oyewale confirmed the arrest but withheld additional information, citing the sensitivity of the ongoing investigation.

Ayeni’s detention comes amid growing scrutiny of high-profile figures in Nigeria’s banking and corporate sectors, where questions of loan accountability continue to surface.

The case highlights persistent concerns over the misuse of bank facilities meant for productive ventures in key areas like power and security.

Upon completion of investigations, the former bank chairman is expected to face arraignment in court.

This development adds to the EFCC’s recent efforts to address alleged economic crimes involving influential individuals and corporate entities across the country.

The outcome of the probe will be closely watched by stakeholders in Nigeria’s financial system, as it underscores the need for stricter adherence to loan utilisation guidelines.