EFCC Arrests Ex-Skye Bank Chair Ayeni Over N36.54B Laundering

The Economic and Financial Crimes Commission has arrested Tunde Ayeni, a former chairman of the defunct Skye Bank, in Abuja over allegations of money laundering, misappropriation, and diversion of funds totaling N36.54 billion and $30 million. The 59-year-old was taken into custody on Thursday and remains detained as investigations continue, according to an EFCC insider.

The arrest stems from a probe into loans obtained from Polaris Bank through entities connected to Ayeni, which investigators allege were diverted from their intended uses. Officials said the facilities, sourced from depositors' funds, were originally secured for projects such as marine security operations, electricity distribution contracts, and estate development. Instead, the funds were redirected to support the acquisition of NITEL and MTEL assets via NATCOM Development Company, the insider explained. At least 12 companies linked to Ayeni are under scrutiny for their roles in securing and channeling the loans to unauthorized purposes. Ayeni is expected to face arraignment once the investigation concludes.

EFCC spokesperson Dele Oyewale confirmed the arrest when contacted but offered no additional details.