The Economic and Financial Crimes Commission (EFCC) has arrested a prominent Nigerian businessman and former bank executive, Tunde Ayeni, over an alleged fraud involving billions of naira and millions of dollars.
Ayeni, who once served as chairman of the now-defunct Skye Bank Plc, was reportedly picked up by EFCC operatives in Abuja on Thursday. Sources within the anti-graft agency confirmed that he is currently being held in custody while investigations into the case continue.
According to investigators, the case involves the alleged diversion and misuse of funds estimated at about N36.5 billion and $30 million. The funds were said to have been obtained as loans from Polaris Bank Plc through companies linked to Ayeni.
Initial findings suggest that the loans were approved for specific business purposes, including marine security operations, electricity distribution projects, and real estate development. However, investigators believe that the funds were diverted into other accounts and used for purposes unrelated to the original agreements.
The EFCC is also probing claims that part of the money was used to acquire telecom assets connected to the defunct national carriers, NITEL and MTEL. These acquisitions were reportedly carried out through accounts linked to NATCOM, a company that previously acquired assets of the telecom firms during Nigeria’s privatisation process.
Sources familiar with the investigation revealed that about 12 companies allegedly linked to Ayeni are under scrutiny. These firms are believed to have been used to secure the loans from Polaris Bank, raising concerns about possible abuse of the banking system and financial regulations.
The EFCC has not released full details of the allegations, but officials say the case points to a complex network of financial transactions involving multiple entities. Investigators are said to be tracing the movement of funds across various accounts to determine how the money was used and whether other individuals or organisations were involved.
Speaking on the development, EFCC spokesperson Dele Oyewale confirmed that Ayeni is in custody. However, he declined to provide further details, noting that the investigation is ongoing and sensitive.
“We can confirm the arrest, but further details will be made available at the appropriate time,” Oyewale said.
The arrest has drawn public attention due to Ayeni’s past role in Nigeria’s banking sector. Skye Bank, where he once served as chairman, was one of the country’s major commercial banks before it collapsed and was taken over by regulators in 2018. The bank was later rebranded as Polaris Bank following intervention by the Central Bank of Nigeria (CBN) to prevent a wider financial crisis.
The collapse of Skye Bank was part of a broader effort by Nigerian authorities to clean up the banking sector and address issues of poor corporate governance, bad loans, and insider abuses. In recent years, the EFCC has intensified its crackdown on financial crimes, particularly those involving large sums of public and private funds.
The EFCC’s investigation into Ayeni is expected to examine whether proper procedures were followed in granting the loans and whether there was any collusion between bank officials and the companies involved.
For now, Ayeni remains in EFCC custody as investigators continue their work. He is expected to be formally charged in court once the agency concludes its findings.
The development adds to a growing list of high-profile financial crime cases being handled by the EFCC. It also underscores the agency’s renewed focus on holding influential individuals accountable, regardless of their status or connections.
As the investigation unfolds, many Nigerians will be watching closely to see how the case is handled and whether it leads to meaningful accountability in the country’s financial sector.