Tunde Ayeni’s Two-Decade Dance with the EFCC: From 2004 to a ₦36bn Probe

On April 24, 2026, the EFCC arrested businessman and former Skye Bank chairman Tunde Ayeni. He faces fresh allegations of misappropriating ₦36.54 billion and $30 million through a network of companies tied to Polaris Bank loans. Investigators say funds meant for marine security, electricity, and estate projects were diverted into telecom assets. This is Ayeni’s sixth EFCC encounter since 2004. He was first questioned over the Alamieyeseigha scandal, then cleared. In 2016, he was linked to an Abuja land racket. In 2018 and 2019, he was arraigned over Skye Bank’s collapse and accused of laundering billions. Charges were controversially withdrawn in 2022 after an asset settlement. The latest probe dwarfs previous cases and drags the telecom privatisation saga into the spotlight. After 22 years of investigations under three EFCC chairmen and multiple administrations, Ayeni remains unconvicted yet perpetually under scrutiny. Nigerians deserve to see this century-long paper trail play out in court.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.