The Economic and Financial Crimes Commission (EFCC) has arrested a former chairman of the defunct Skye Bank Plc, Tunde Ayeni, over an alleged multi-billion naira fraud.
The businessman is alleged to be at the centre of an investigation of the alleged diversion and misappropriation of funds estimated at ₦36.5 billion and $30 million, said to have been obtained from Polaris Bank Plc through companies linked to him.
According to The Cable, Ayeni was picked up in Abuja on Thursday and is currently in EFCC custody as investigations continue.
Sources quoted regarding the development said the funds, secured as loans for specific projects, were diverted to other accounts and used for other purposes.
Papers News understands that the loans, originally meant for financing marine security, electricity distribution contract, estate development, were allegedly channelled into the acquisition of telecom assets linked to NITEL/MTEL through a NATCOM account.
The anti-graft agency is also investigating about 12 companies linked to Ayeni, which were allegedly used to obtain the loans from Polaris Bank.
Ayeni is expected to be arraigned upon the conclusion of investigations.
The spokesperson of the EFCC, Dele Oyewale, confirmed the arrest when contacted but refused to provide further details.
Meanwhile, the EFCC has urged the Federal High Court in Abuja to order the permanent forfeiture of 57 properties allegedly linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), to the Federal Government.
The anti-graft agency made the request through a motion on notice filed by its legal team led by Jibrin Okutepa (SAN) and Ekele Iheanacho (SAN) before Justice Joyce Abdulmalik.
The motion, marked FHC/ABJ/CS/20/2026, lists Malami alongside several individuals and companies as respondents in the suit.
