The EFCC arrested former Skye Bank chairman, Tunde Ayeni, over alleged N36 billion, $30 million fraud

The Economic and Financial Crimes Commission (EFCC) has arrested former Chairman of the Board of defunct Skye Bank Plc Plc, Tunde Ayeni, on charges of money laundering, misappropriation and diversion of funds.

A source close to the commission told journalists on Friday that Ayeni, a businessman, was elected on Thursday in Abuja.

The former chairman, the source said, is under investigation for alleged fraud worth N36.6 billion and $30 million.

According to the source, the former banker is being held at an EFCC facility while investigations are ongoing.

“Ayeni was arrested following an EFCC investigation into the alleged misappropriation and diversion of funds amounting to N36,540, 058,400.00 and $30 million obtained from Polaris Bank plc by various entities associated with him.

“The funds are loans that were allegedly obtained for certain investment projects but were then transferred to the accounts of other entities.

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“Investigations showed that although the loans were obtained for purposes such as financing maritime security activities, electricity distribution contracts, plantation development, the loans were diverted for the acquisition of NITEL/MTEL assets through NATCOM accounts,” said the source.

According to the source, 12 different companies linked to Ayeni are being investigated by the EFCC.

He added that these companies were the entities his former chairman allegedly used to obtain loans from Polaris bank for his activities.

“The loans were savings funds obtained fraudulently and squandered for various useless purposes. Ayeni will be brought to justice in due course once investigations are completed,” he added.

When contacted, EFCC Head of Media and Publicity Dele Oyewale confirmed the arrest.

However, he went into further detail regarding the problem.