Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested the former chairman of defunct Skye Bank Plc, Tunde Ayeni, over allegations of money laundering, misappropriation, and diversion of funds amounting to N36.54bn and $30m.

He was arrested in Abuja on Thursday and is currently being held at an EFCC facility for interrogation.

According to the commission, the arrest followed an ongoing investigation into the alleged diversion of funds obtained from Polaris Bank Plc through several companies linked to Ayeni.

The EFCC said the funds were allegedly acquired as loans for specific investment projects but were later diverted to unrelated ventures and accounts.

Investigators are also probing about 12 companies allegedly connected to the former bank chairman, which were reportedly used to access the loans.

The anti-graft agency alleged that the funds were moved through multiple entities and redirected into various transactions, including asset acquisitions and other investments.

EFCC sources said the loans were initially meant for projects such as marine security operations, electricity distribution contracts, and estate development, but were allegedly diverted.

They added that part of the funds was traced to the acquisition of NITEL/MTEL assets through a corporate account linked to NATCOM.

The commission described the alleged transactions as a case of large-scale financial misconduct involving depositors’ funds.

EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined to provide further details, saying investigations are still ongoing.

The agency said Ayeni will be arraigned in court upon the conclusion of investigations into the case.