Ex-Skye Bank Chair, Tunde Ayeni Arrested Over Alleged N36bn, $30m Fraud Allegations

Billionaire businessman, Tunde Ayeni, the high-profile businessman and former chairman of the defunct Skye Bank Plc, is facing a weekend behind bars following his arrest by the Economic and Financial Crimes Commission (EFCC).

The anti-graft agency apprehended Ayeni in Abuja on Thursday in connection with an investigation into a massive financial scandal involving the alleged misappropriation of billions of naira.

At the heart of the probe is the suspected diversion of ₦36.5 billion and $30 million. Investigators claim these funds were sourced from Polaris Bank Plc—the bridge bank that assumed the assets and liabilities of Skye Bank—through a network of companies linked to the former chairman.

According to sources within the commission, the funds were originally secured as loans earmarked for critical infrastructure and security projects, including:

• Marine Security

• Electricity Distribution Contracts

• Estate Development

Instead of being applied to these sectors, the EFCC alleges the money was funneled into the acquisition of telecommunications assets. Specifically, the funds are believed to have been channeled through a NATCOM account to facilitate the purchase of assets related to NITEL/MTEL.

The EFCC’s investigation has widened to include at least 12 separate corporate entities allegedly controlled by Ayeni. Detectives are currently tracing the paper trail of these companies, which were purportedly used as vehicles to secure the loans from Polaris Bank under false pretenses.

“The funds were secured for specific national and commercial projects, but were instead diverted to other accounts and used for unauthorized purposes,” a source close to the investigation stated.

Ayeni remains in custody in Abuja as investigators continue to interrogate him and analyze seized documents. While no formal charges have been entered into the court record yet, officials indicate that the businessman is expected to be arraigned in court immediately upon the conclusion of the ongoing inquiry.

This arrest marks another significant chapter in the long-standing scrutiny of the management of the defunct Skye Bank, which saw its license revoked by the Central Bank of Nigeria (CBN) in 2018 due to liquidity issues and corporate governance failures.