EFCC Arrests Tunde Ayeni Over N36.54bn Fraud Allegations

Tunde Ayeni, the former chairman of the defunct Skye Bank PLC, was arrested by the Economic and Financial Crimes Commission (EFCC) in Abuja on Thursday. He faces allegations of money laundering and misappropriation of funds amounting to N36.54 billion and $30 million.

The arrest is a result of an ongoing EFCC investigation into the alleged misappropriation of funds obtained from Polaris Bank through multiple entities. The investigation revealed that the funds were intended for financing various projects, including marine security, electrical distribution contracts, and real estate development.

However, it was discovered that the loans were diverted for purposes unrelated to the original financing agreements. Ayeni is linked to 12 companies that allegedly obtained loans from Polaris Bank, with the funds reportedly misused and fraudulently acquired.

He is currently in custody and will be arraigned in court upon the conclusion of the investigation. EFCC spokesman Dele Oyewale confirmed the arrest but declined to provide further details.