Tunde Ayeni, former board chairman of defunct Skybank Plc, has been arrested by the Economic and Financial Crimes Commission (EFCC) over allegations of fraud involving N36.6 billion and $30 million. The arrest followed an investigation into the alleged misappropriation and diversion of funds obtained from Polaris Bank Plc by companies linked to Ayeni. According to an EFCC source, the loans were secured for specific projects including marine security, electricity distribution, and estate development but were rerouted to the NITEL/MTEL asset acquisition through the NATCOM account. Ayeni was taken into custody on Thursday in Abuja and is currently being questioned at an EFCC facility. The commission confirmed the arrest through spokesperson Dele Oyewale, who declined to provide additional information. Twelve companies connected to Ayeni are under investigation for allegedly facilitating the fraudulent acquisition of depositors' funds from Polaris Bank. The EFCC stated that the funds were diverted to unrelated ventures and used for wasteful purposes. Ayeni is expected to be arraigned once the investigation concludes.
Tunde Ayeni championed high-profile investments while allegedly funneling depositors' money into NITEL/MTEL through shell firms. The same Polaris Bank funds meant for power and security projects now sit in a failed telecom asset. Nigerians who lost savings in the bank's collapse may never recover their money. The EFCC's case turns on whether these loans were business failures or orchestrated fraud.
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