National News – Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission, has arrested former Skye Bank Plc chairman Tunde Ayeni over alleged fraud involving N36.54bn and $30m, intensifying scrutiny of financial sector accountability.

Ayeni was picked up in Abuja on Thursday and is currently in EFCC custody as investigations continue.

According to investigators, the funds were obtained from Polaris Bank under the guise of financing projects such as marine security, power distribution, and real estate development.

However, the money was allegedly rerouted into acquiring telecom assets linked to NITEL/MTEL via NATCOM accounts—raising red flags about internal controls and due diligence within the banking system.

Sources say at least 12 companies connected to Ayeni are under probe, suggesting a complex financial network designed to access and redirect depositors’ funds.

The EFCC has confirmed the arrest but is withholding further details pending formal charges.

The case has sparked debate among financial analysts and Lagos-based business observers, many of whom see it as another test of Nigeria’s anti-corruption resolve.

Some argue that repeated cases of loan diversion point to systemic weaknesses in credit monitoring, while others believe high-profile arrests like this could restore public confidence—if followed by transparent prosecution.

If proven, the allegations could deepen concerns about corporate governance in Nigeria’s banking sector, potentially prompting tighter regulatory oversight by authorities.

It may also affect investor sentiment, especially in institutions linked to legacy banking structure.

While arrests often make headlines, convictions remain the true measure of accountability.

Nigerians will be watching closely to see whether this case ends as another prolonged investigation—or a landmark prosecution that reshapes financial discipline.