The Economic and Financial Crimes Commission (EFCC) has arrested a former chairman of the defunct Skye Bank Plc, Tunde Ayeni, over allegations of money laundering, misappropriation and diversion of funds totalling N36.5 billion and $30 million .
Ayeni, 59, was arrested in Abuja on Thursday, April 23, 2026, and is currently being held at the EFCC’s facility pending the conclusion of investigations .
According to a source familiar with the probe, the funds were loans obtained from Polaris Bank Plc by different entities linked to Ayeni. Although the loans were taken for specific investment projects—including marine security operations, electricity distribution contracts, and estate development—investigators allege the funds were subsequently transferred to other accounts and diverted to acquire NITEL/MTEL assets through a NATCOM account .
The EFCC is currently investigating 12 companies linked to the former bank chairman, which are said to be the entities he allegedly used to obtain the loans .
“The loans are depositors’ funds fraudulently obtained and frittered into diverse wasteful purposes,” the source added. Ayeni is expected to be arraigned in court upon conclusion of the investigation .
EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide further details .
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