The Economic and Financial Crimes Commission (EFCC) has arrested Tunde Ayeni, a prominent businessman and former board Chairman of the defunct Skye Bank Plc, over allegations of money laundering, misappropriation, and diversion of funds. Ayeni was reportedly taken into custody on Thursday in Abuja and is currently being held at an EFCC facility, where investigations into the matter are actively ongoing.

Sources close to the commission indicate that Ayeni is being interrogated in connection with an alleged fraud amounting to approximately N36.5 billion (specifically cited as N36,540,058,400.00 in one account) and an additional $30 million. These substantial funds were allegedly obtained from Polaris Bank Plc through various entities linked to him.

The core of the EFCC's probe revolves around loans that were purportedly secured for specific investment projects. However, investigations have revealed that these funds were subsequently diverted to other entities' accounts and utilized for different purposes than originally intended. For instance, loans that were explicitly obtained to finance marine security activities, an electricity distribution contract, and estate development projects were allegedly channeled into the acquisition of telecom assets. This diversion was reportedly facilitated through a NATCOM account, linked to NITEL/MTEL asset acquisition.

The anti-graft agency's inquiry extends to about 12 different companies that are reportedly linked to Ayeni. These companies are suspected to have been instrumental in obtaining the aforementioned loans from Polaris Bank for his various activities. The EFCC considers these loans to be depositors’ funds that were fraudulently obtained and subsequently misused for diverse, wasteful purposes.

Upon the conclusion of the ongoing investigations, Tunde Ayeni is expected to be formally arraigned. When contacted for official confirmation, EFCC spokesperson Dele Oyewale acknowledged the arrest but opted to refrain from disclosing further details regarding the ongoing case.