The Economic and Financial Crimes Commission (EFCC) has arrested billionaire businessman Tunde Ayeni over an alleged multi-billion naira fraud.
Ayeni, a former chairman of Skye Bank Plc, was reportedly picked up in Abuja in connection with an ongoing investigation into the suspected diversion of ₦36.5 billion and $30 million.
Alleged Misuse of Loan Funds
Investigators disclosed that the funds were obtained as loans from Polaris Bank and were meant for key sectors such as marine security, electricity distribution, and real estate development. However, the EFCC alleges that the money was diverted for purposes outside its approved use.
Connection to Telecom Deals
Sources familiar with the probe revealed that part of the funds was allegedly channelled through accounts linked to NATCOM to finance the acquisition of telecom assets associated with NITEL and MTEL. Authorities believe the transactions involved a network of companies tied to Ayeni.
Widening Probe
The investigation has expanded to include at least 12 companies reportedly connected to the businessman. EFCC operatives are currently examining financial records and loan arrangements linked to these entities, which are suspected to have been used to obtain funds under questionable conditions.
A source involved in the case stated that the loans were secured for specific national and commercial projects but were allegedly diverted for unauthorised purposes.
Custody and Next Steps
Ayeni remains in EFCC custody as questioning continues. While no formal charges have been filed, officials indicated that he is likely to be arraigned once investigations are concluded.
Background
The development adds to lingering concerns over the collapse of Skye Bank Plc, whose operating licence was revoked by the Central Bank of Nigeria in 2018 due to liquidity and governance issues.
The EFCC has yet to release a detailed official statement on the case but reiterated its resolve to combat financial crimes and promote accountability.
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