The Economic and Financial Crimes Commission (EFCC) has detained Tunde Ayeni, a businessman and former chairman of the defunct Skye Bank Plc, over alleged large-scale financial fraud.
Ayeni was reportedly arrested in Abuja on Thursday and is currently in EFCC custody as investigations continue.
The anti-graft agency is examining claims involving the diversion and misappropriation of about N36.5 billion and $30 million, allegedly obtained from Polaris Bank Plc through companies linked to him.
Sources indicated that the funds, initially secured as loans for specific projects, were redirected into other accounts and used for unrelated purposes.
The loans — originally intended for marine security, electricity distribution contracts, and estate development — were reportedly channelled into the acquisition of telecom assets connected to NITEL/MTEL through a NATCOM account.
Investigators are also probing around 12 companies associated with Ayeni, which were allegedly used to secure the loans from Polaris Bank.
He is expected to be arraigned after investigations are concluded.
When contacted, EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide further details.