Ex-Skye Bank Chairman Tunde Ayeni Arrested for Fraud

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. His arrest is part of an ongoing investigation into allegations of money laundering and misappropriation of funds amounting to N36,540,058,400.00 (approximately $30 million).

The investigation focuses on Ayeni's connections to various entities that allegedly misappropriated funds obtained from Polaris Bank. Reports indicate that Ayeni is linked to twelve different companies that reportedly secured loans from Polaris Bank.

These loans were purportedly intended for financing projects related to marine security, electricity distribution contracts, and real estate development but were allegedly diverted for other purposes. The EFCC is probing the activities of these companies, which are believed to have used depositor funds for the loans.

Ayeni is expected to be arraigned in court upon the conclusion of the investigation.