Mr Ayeni, 59, was arrested in Abuja on Thursday and is being held in the commission’s custody.
The Economic and Financial Crimes Commission (EFCC) has arrested Tunde Ayeni, a former chairman of the defunct Skye Bank, over allegations of money laundering, misappropriation, and diversion of funds amounting to N36.54 billion and $30 million.
Mr Ayeni’s arrest followed an investigation into loans allegedly obtained from Polaris Bank through entities linked to him and later diverted from their stated purposes.
The insider explained that the loans were secured for projects including marine security operations, electricity distribution contracts and estate development, but investigators found that the funds were allegedly redirected to finance the acquisition of NITEL/MTEL assets through NATCOM.
The insider noted that no fewer than 12 companies linked to Mr Ayeni are under investigation over their alleged roles in obtaining and channelling the loans.
It alleged the facilities were sourced from depositors’ funds and diverted to unauthorised uses.
“Investigation showed that the loans, though obtained for specific investment purposes, were diverted,” the insider said, adding that Mr Ayeni would be arraigned upon the conclusion of investigations.
When contacted, EFCC spokesperson Dele Oyewale confirmed the arrest but declined further comment.
Mr Ayeni’s latest arrest comes against the backdrop of longstanding corruption cases involving the former bank chairman.
In December 2018, the EFCC arraigned him and former Skye Bank Managing Director Timothy Oguntayo before the Federal High Court, Abuja, on charges related to the alleged diversion of depositors’ funds.
The defendants pleaded not guilty to the charges and were granted bail.
Records tracked by TransparencIT show the matter, later amended to an eight-count money laundering charge, remains on trial before a judge Ijeoma Ojukwu.
In a separate but related case, the EFCC in 2019 charged Mr Ayeni, Mr Oguntayo and two companies with alleged money laundering involving N25.4 billion.
But in July 2022, the commission withdrew charges against Mr Ayeni and Mr Oguntayo after what court proceedings described as a settlement that reportedly involved forfeitures linked to the case.
According to court records, prosecutors told the court that assets and additional payments had been offered as part of the settlement, though the final value of the recovery was not publicly disclosed.
Following the withdrawal, the two corporate co-defendants — Control Dredging Company Ltd and Royaltex Paramount Ventures Ltd — were re-arraigned separately.
The development drew criticism from some anti-corruption advocates.
Human rights lawyer Inibehe Effiong had questioned the handling of the settlement, arguing that plea bargains should not undermine deterrence in corruption cases.
Similarly, the Executive Director of Civil Society Legislative Advocacy Centre (CISLAC) Auwal Musa, better known known as Rafsanjani, criticised what he described as abuse of the plea bargain system.
Mr Ayeni’s latest arrest signals renewed scrutiny of allegations surrounding insider loan abuses in Nigeria’s banking sector, particularly those tied to legacy cases involving failed or restructured financial institutions.
The EFCC has yet to file charges in the new case.
