EFCC arrests ex-Skye Bank chair Ayeni over N36.5bn, $30m alleged fraud

By Luminous Jannamike

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former chairman of the defunct Skye Bank Plc, Tunde Ayeni, over alleged money laundering, misappropriation and diversion of funds totalling N36,540,058,400 and $30 million.

He was arrested in Abuja on Thursday and is currently being held at the commission’s facility.

According to investigators, the case points to a wide-ranging loan diversion scheme involving multiple companies and large transactions, with funds allegedly moved from their stated purposes into other ventures.

High-level sources familiar with the probe told Saturday Vanguard that he is likely to face charges once investigations are concluded.

“Operatives of the EFCC have arrested a former board chairman of defunct Skye Bank Plc and businessman, Tunde Ayeni, in connection with alleged money laundering, misappropriation and diversion of funds to the tune of N36,540,058,400 and $30m,” one source said.

Investigators are examining how the funds were obtained from Polaris Bank Plc through different companies linked to Ayeni, and how the loans were moved across multiple accounts.

“Ayeni was arrested sequel to the investigation of the EFCC into alleged misappropriation and diversion of funds to the tune of N36,540,058,400 and $30m obtained from Polaris Bank Plc by different entities linked to him,” the source said.

According to investigators, the loans were taken for specific projects, including marine security operations, electricity distribution contracts and estate development, but were later redirected.

“The funds were loans obtained allegedly for specific investment projects but subsequently transferred to other entities’ accounts.

“Investigations showed that, though the loans were obtained for purposes such as finance of marine security activities, electricity distribution contract, estate development, they were diverted to the NITEL/MTEL asset acquisition through NATCOM account.

“Twelve different companies linked to Ayeni are being investigated by the EFCC. They are entities he allegedly used to obtain loans from Polaris Bank for his shady activities.

“The loans are depositors’ funds fraudulently obtained and frittered into diverse wasteful purposes,” the source said.

EFCC spokesperson, Dele Oyewale, confirmed the development but declined further details on the ongoing investigation.

Ayeni is expected to be arraigned in court upon the conclusion of investigations.