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.

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