Dirty details of the Polaris Bank loan racket that landed Tunde Ayeni in trouble
Tunde Ayeni, former chairman of the defunct Skye Bank Plc, has been arrested by Economic and Financial Crimes Commission (EFCC) 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 N36.5 billion and $30 million, said to have been obtained from Polaris Bank Plc through companies linked to him.
According to sources, the funds, secured as loans for specific projects—were allegedly diverted into other accounts and used for purposes outside their original intent.
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The loans, which were meant to finance projects such as marine security, electricity distribution contracts, and estate development, were reportedly channelled into the acquisition of telecom assets linked to NITEL/MTEL through a NATCOM account.
Investigators are also examining about 12 companies associated with Ayeni, which were allegedly used to obtain the loans from Polaris Bank.
Tunde Ayeni is expected to be arraigned upon the conclusion of investigations.
When contacted, EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide further details.
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