The Economic and Financial Crimes Commission (EFCC) has arrested businessman and former chairman of Skye Bank Plc, Tunde Ayeni, over an alleged multi-billion naira fraud.

Ayeni was reportedly picked up in Abuja on Thursday and is currently in EFCC custody as investigations continue.

The anti-graft agency is probing the alleged diversion and misappropriation of funds estimated at ₦36.5 billion and $30 million, said to have been obtained from Polaris Bank Plc through companies linked to him.

According to sources familiar with the investigation, the funds were secured as loans for specific projects but were allegedly diverted into other accounts and used for unrelated purposes.

The loans, initially intended for marine security operations, electricity distribution contracts, and estate development, were reportedly channelled into the acquisition of telecom assets linked to NITEL/MTEL through a NATCOM account.

The commission is also investigating about 12 companies associated with Ayeni, which were allegedly used to obtain the loans from Polaris Bank.

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

Confirming the development, EFCC spokesperson Dele Oyewale acknowledged the arrest but declined to provide further details.

______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence

Interested buyers are encouraged to place their orders and enquiries via: 0704 444 4777, 0704 444 4999, 0818 199 9888 Website: www.alexandernigeria.com

______________________________________________________________________ ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria. Bonus: Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.

How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com

Ebook Version: Access directly online at: https://selar.com/prv626

_______________________________________________________________________ [A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation ______________________________________________________________________ “Bridging Theory And Courtroom Practice” — Hagler Sunny Okorie, Nathaniel Ngozi Ikeocha Unveil ‘Functional’ Tort Law Book For Nigerian Legal System The book, titled The Law of Torts in Nigeria: A Functional Approach, authored by Professor Hagler Sunny Okorie Ph.D and Ikeocha, Nathaniel Ngozi Esq, offers law students, practitioners, and academics a comprehensive guide to understanding and applying tort law in Nigerian courts. Interested buyers can place orders via the following contact numbers: 08028636615, 08037667945, 08032253813, or +234 902 196 2209.