The Economic and Financial Crimes Commission has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Ayeni was arrested by EFCC operatives in Abuja on Thursday, April 23, 2026, and remains in custody.
The anti-graft agency is probing the alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank PLC through companies linked to Ayeni.
Sources familiar with the investigation say the funds were obtained for marine security, electricity distribution, and real estate projects but were later redirected.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under scrutiny for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Spokesperson Dele Oyewale confirmed the arrest on Friday but declined to provide further details.
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