Tunde Ayeni, former chairman of the defunct Skye Bank, has been arrested by the Economic and Financial Crimes Commission (EFCC) over allegations of money laundering, misappropriation, and diversion of N36.54 billion and $30 million. The 59-year-old was taken into custody in Abuja on Thursday and remains in EFCC custody as investigations continue. The probe focuses on loans obtained from Polaris Bank through at least 12 companies linked to Ayeni, which were allegedly secured for marine security, electricity distribution, and estate development projects but diverted to finance the acquisition of NITEL/MTEL assets via NATCOM. An EFCC insider stated the funds originated from depositors' money and were used for purposes other than those declared. "Investigation showed that the loans, though obtained for specific investment purposes, were diverted," the source said. EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide further details.
Ayeni was previously arraigned in December 2018 alongside former Skye Bank Managing Director Timothy Oguntayo on charges of diverting depositors' funds. The case, now an eight-count money laundering charge, is still ongoing before Judge Ijeoma Ojukwu in Abuja. In a separate 2019 case involving N25.4 billion, the EFCC withdrew charges against Ayeni and Oguntayo in July 2022 following a settlement involving asset forfeitures, though the exact value was not disclosed. The two companies involved, Control Dredging Company Ltd and Royaltex Paramount Ventures Ltd, were re-arraigned separately. The settlement drew criticism from anti-corruption advocates, including human rights lawyer Inibehe Effiong and CISLAC executive director Auwal Musa, who questioned the use of plea bargains in undermining deterrence. No charges have yet been filed in the new case.
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