The Economic and Financial Crimes Commission has arrested former chairman of the defunct Skye Bank Plc, Tunde Ayeni, over allegations of financial misconduct involving billions of naira and millions of dollars.

Ayeni was reportedly picked up in Abuja on Thursday and is currently in custody as investigators deepen their probe into the matter.

Sources familiar with the investigation said the case centres on loans allegedly obtained from Polaris Bank Plc through multiple companies said to be linked to him. The funds were reportedly approved for specific investment projects but were later diverted to other uses.

Investigators believe the loans were tied to projects such as marine security operations, electricity distribution contracts, and real estate development.

However, the money was allegedly redirected into telecom asset acquisitions connected to NATCOM Development and Investment Limited, which controls the legacy infrastructure of NITEL/MTEL.
Officials disclosed that about 12 companies associated with Ayeni are now under investigation for their roles in securing the loans. Authorities suspect the firms were used as channels to access bank funds that may have been misapplied.

EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide further details, noting that the investigation is ongoing.

Ayeni is expected to be arraigned after the commission concludes its inquiries.