Tunde Ayeni Arrested by EFCC for N36bn Fraud Allegations

Tunde Ayeni, the ex-chairman of the defunct Skybank PLC, has been taken into custody by the Economic and Financial Crimes Commission (EFCC) over allegations of fraud amounting to N36,540,058,400 and $30 million. His arrest occurred in Abuja on Thursday, following an investigation into the alleged misappropriation and diversion of these funds.

Sources from the anti-graft agency indicate that Ayeni is being grilled regarding the alleged misappropriation of loans obtained from Polaris Bank PLC, which were purportedly intended for financing various projects, including marine security, electricity distribution contracts, and real estate development. The investigation has revealed that the funds were allegedly transferred to different entities linked to Ayeni, with 12 companies under scrutiny.

The EFCC claims that the loans were fraudulently obtained and that the funds were misused for various purposes. A spokesperson for the EFCC, Mr.

Dele Oyewale, confirmed Ayeni's arrest but declined to provide further details. Ayeni is expected to be arraigned once the investigation concludes.