TDThe Economic and Financial Crimes Commission (EFCC) has arrested Tunde Ayeni, prominent businessman and former chairman of the defunct Skye Bank Plc, over allegations of a multi-billion Naira fraud scheme.
Ayeni was reportedly picked up in Abuja on Thursday and is currently being held in EFCC custody.
Sources say that investigators are probing into what is described as one of the most significant financial crime cases in recent years.
Allegations Under Investigation
The EFCC is investigating claims that Ayeni diverted and misappropriated funds estimated at N36.5 billion and $30 million, allegedly obtained from Polaris Bank Plc through companies linked to him.
According to sources close to the investigation, the loans were originally secured for critical national projects, including:
Marine security initiatives
Electricity distribution contracts, and,
Estate development projects
However, preliminary findings suggest the funds were rerouted into other accounts and used for unrelated ventures.
Investigators allege that a portion of the money was funneled into the acquisition of telecom assets tied to NITEL/MTEL, through a NATCOM account.
The acquisition raised questions about compliance and transparency in the transactions.
Scope of the Probe
The EFCC has widened its investigation to cover about 12 companies allegedly connected to Ayeni.
These firms are suspected of being vehicles through which the loans were obtained and subsequently diverted.
Officials have indicated that Ayeni will face arraignment once the commission concludes its investigation and gathers sufficient evidence to proceed with prosecution.
Official Response
When contacted, Dele Oyewale, EFCC spokesperson, confirmed the arrest to TheCable but declined to provide further details, citing the sensitive and ongoing nature of the investigation.
This arrest underscores the EFCC’s renewed determination to tackle financial crimes in Nigeria’s banking and corporate sectors.
In recent months, the commission has intensified its crackdown on high-profile individuals accused of corruption, fraud, and money laundering.
The case against Ayeni is particularly significant given his past influence in Nigeria’s financial industry and the scale of the alleged fraud.
Analysts note that the EFCC’s focus on banking executives and corporate leaders signals a broader strategy to restore confidence in Nigeria’s financial institutions and deter systemic abuse.
Observers also point out that this development comes at a time when Nigeria is grappling with economic challenges.
This makes the fight against corruption and financial mismanagement even more critical to national stability.
This arrest adds to a growing list of high-profile EFCC operations in recent months, reflecting the agency’s aggressive stance against corruption.
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