Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission (EFCC) has arrested Tunde Ayeni, the former Chairman of the defunct Skye Bank Plc (now Polaris Bank), in connection with an alleged monumental fraud involving the diversion and misappropriation of funds estimated at N36.5 billion and $30 million. Ayeni was picked up by operatives of the anti-graft agency in Abuja on Thursday, April 24, 2026, and is currently in EFCC custody as part of an ongoing investigation into serious financial crimes dating back several years.
It has been reported that the investigation is centered on the alleged diversion of a substantial sum obtained from Polaris Bank Plc through several companies linked directly to Ayeni. The funds are believed to have been channeled through a network of corporate entities, allegedly controlled by the former bank chairman, to obscure their origin and purpose. This latest arrest is part of a renewed and sustained offensive by the EFCC to bring high-profile suspects in long-standing financial crime cases to justice.
Ayeni has a long and contentious history with the anti-graft agency. This arrest follows a series of previous legal battles, including a N25.4 billion fraud case that was controversially withdrawn by the EFCC in July 2022, reportedly after the commission sought the court's permission to "investigate more facts." Furthermore, he was previously granted bail in a separate N100 million fraud case. EFCC sources have confirmed that this new, significantly larger allegation is the result of evidence gathered during those earlier probes and subsequent investigations into the financial collapse of Skye Bank.
The head of the legal team at the EFCC has stated that the commission intends to charge Ayeni to court without delay. The magnitude of the funds involved suggests that the commission will spare no effort to ensure a swift and thorough prosecution, aiming to secure a conviction and recover the stolen assets. Ayeni has long denied any wrongdoing, and his legal team is expected to challenge the allegations vigorously, likely arguing that the charges are a political witch-hunt.
The saga of Tunde Ayeni is intertwined with the dramatic collapse of Skye Bank. The bank's license was eventually revoked by the Central Bank of Nigeria (CBN) in 2018, leading to the creation of a bridge bank, Polaris Bank, which took over its assets and liabilities. This action was taken following a Tier 2 bank consolidation in 2014, after Skye Bank acquired the failing Mainstreet Bank for N126 billion, which placed immense strain on its balance sheet. The liquidation of the bank was seen as a major regulatory intervention to protect depositors. According to the Nigeria Deposit Insurance Corporation (NDIC), over 6,000 jobs were saved through the transition to Polaris Bank. Ayeni has always maintained his innocence in the bank's crash, providing detailed accounts of his role at the time. He has consistently claimed that the trauma he has suffered over the years, which he attributes to his association with the failed bank, is "unimaginable." In a series of interviews, he described the bank's failure as a political vendetta rather than a result of mismanagement. Ayeni has stated that he regrets ever meeting Adaobi Alagwu, a woman with whom he was involved in a messy public paternity and legal dispute, referring to that chapter of his life as a huge mistake with devastating consequences.
Ayeni’s legal troubles have not solely been with the EFCC. In 2025, a United States court sentenced a man named Babatunde Ayeni to 10 years in prison for a $20m internet fraud scheme. That particular case, however, involved a separate individual.
The EFCC has been under increasing pressure from civil society and anti-corruption watchdogs to conclude long-standing high-profile cases and secure meaningful convictions. The arrest of a figure like Ayeni is seen as a bold statement of intent by the agency, signaling that no individual, regardless of their political or financial connections, is above the law. As this case progresses to trial, the eyes of the nation will be fixed on the courtroom, waiting to see if the EFCC can prove its case and retrieve the billions allegedly stolen from public coffers.
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