Tunde Ayeni, former Chairman of Skye Bank Plc, has attributed the bank’s 2018 collapse to political interference rather than mismanagement, while expressing deep regret over his association with Adaobi Alagwu, who claimed to have a child with him. In an exclusive interview with journalists, Ayeni detailed the bank’s downfall and his personal struggles, asserting that both were marked by external pressures and deceit.
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Ayeni, a seasoned lawyer and businessman, served as Skye Bank’s chairman from 2011 until its licence was revoked by the Central Bank of Nigeria (CBN) in 2018. He dismissed claims of mismanagement, arguing that the bank’s failure was orchestrated. “The bank’s failure was not because we didn’t run it well or didn’t know what to do. The licence just had to be withdrawn, and it was withdrawn,” he said, hinting at political motives without disclosing specifics. “If the regulators want to find you culpable, it will be very difficult to escape,” he added, suggesting that one day the “real story” will be told.
Ayeni, who joined the board of Bond Bank (a precursor to Skye Bank) as a non-executive director and later Skye Bank in 2008, emphasized the limitations of non-executive roles. “You can only know what the executives want you to know,” he said, noting that poor corporate governance and deceptive practices, such as misrepresenting loan purposes, often conceal issues from board oversight. He cited an example where a loan for real estate was disguised as an oil and gas investment, leaving non-executive directors unaware until problems surfaced.
The CBN’s intervention followed Skye Bank’s merger with Mainstreet Bank in 2014, after which certain expenditures made during Ayeni’s tenure were disallowed for lacking prior approval. The Economic and Financial Crimes Commission (EFCC) investigated these transactions, holding Ayeni and the former managing director personally liable for repayments, which he confirmed have been settled. “The matter has been laid to rest,” he stated, denying any asset seizures or financial distress.
Ayeni described his association with Adaobi Alagwu as “one of the darkest moments” of his life, expressing profound regret. “I regret ever meeting that lady,” he said, accusing Alagwu and her mother of blackmail and exploiting his initial attempts to manage the situation discreetly to protect his family and reputation. He clarified that a March 11, 2025, ruling by the Magistrate Court in Dawaki, Abuja, confirmed no marital affair existed and that he is not the father of Alagwu’s child.
Ayeni is now pursuing legal action to recover two properties in Abuja occupied by Alagwu and her mother, who he claims are attempting to “reap where they did not sow.” He issued cease-and-desist letters, published disclaimers in national dailies, and notified the Nigerian Immigration Service to address the issue. “Sometimes, you use N1 million to fight to recover N10,000, not because you can’t overlook it, but to prove you’re not stupid,” he said.
Reflecting on the ordeal, Ayeni admitted to missteps in trying to manage the situation by providing maintenance and accommodation, which were later used against him. “Once you discover you’re in a circle you shouldn’t be, just cut the line and move on,” he advised, crediting his wife and children for their support. “My family stood by me, and together, we’ve weathered the storm,” he said, emphasizing the importance of avoiding meaningless relationships with “devastating consequences.”
Ayeni, a law graduate from Ahmadu Bello University and the University of Lagos, transitioned into business early, leveraging his legal expertise as a solicitor. His entrepreneurial journey began after working as a legal adviser and personal assistant to Rodney Hecksher at a marketing and manufacturing firm, which exposed him to deal-making. Recognizing the need for funding, he co-founded Bond Bank, later merging into Skye Bank, to support his ventures.
His experiences with Skye Bank and Alagwu taught him critical lessons about trust and focus. “Watch very carefully before you make friends,” he cautioned, noting that some associates played roles in exacerbating his challenges. He also urged men to avoid relationships lacking value, citing the reputational and emotional toll of his encounter with Alagwu.
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