EFCC Detains Former Bank Chairman Over Alleged ₦36.5bn, $30m Fraud and Money Laundering

The Economic and Financial Crimes Commission has detained Tunde Ayeni, the former chairman of bankrupt Skye Bank Plc, for suspected money laundering, misappropriation, and diversion of funds totaling N36.54 billion and $30 million.

Ayeni, a businessman, was detained in Abuja on Thursday and is now being held at the commission’s facilities.

The arrest followed an EFCC investigation into suspected theft and diversion of cash taken from Polaris Bank via several businesses linked to him.

“The Economic and Financial Crimes Commission (EFCC) has detained Tunde Ayeni, a former board chairman of defunct Skye Bank Plc and businessman, in connection with suspected money laundering, misappropriation, and diversion of monies totaling N36,540,058,400.00 and $30 million.

“Ayeni was detained following the EFCC’s investigation into alleged misuse and diversion of monies totaling N36,540,058,400.00 and $30 million received from Polaris Bank Plc by several organizations linked to him. 

“The funds were loans secured supposedly for specific investment projects but then transferred to other businesses’ accounts. Investigations revealed that loans intended for marine security, energy distribution, and estate development were diverted to NITEL/MTEL asset acquisition through NATCOM accounts, according to one source.

Another source stated the commission is currently investigating 12 businesses reportedly related to Ayeni and used to secure loans from Polaris Bank.

“The EFCC is investigating twelve separate companies tied to Ayeni. These are the entities he allegedly utilized to secure loans from Polaris Bank for his illegal activities. The loans are cash obtained fraudulently from depositors and used for a variety of useless purposes. “Ayeni will be arraigned once the investigations are completed,” the source stated.

When contacted, EFCC spokesman Dele Oyewale confirmed the arrest but did not provide any details.