Nigeria, April 24 -- 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.

An insider from the commission told PREMIUM TIMES on Friday, that Mr Ayeni, 59, was arrested in Abuja on Thursday and is being held in the commission's custody pending the conclusion of investigations.

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, elect...