The Economic and Financial Crimes Commission has arrested businessman and former chairman of the now-defunct Skye Bank Plc, Tunde Ayeni, over allegations of multi-billion naira fraud.

Ayeni was reportedly arrested in Abuja on Thursday and is currently being held in EFCC custody while investigations continue, according to TheCables.

The anti-graft agency is probing allegations of the diversion and misappropriation of about N36.5 billion and $30 million, funds reportedly sourced from Polaris Bank Plc through companies linked to him.

The funds reportedly secured as loans for specific projects were allegedly diverted into other accounts and used for unrelated purposes.

The loans, originally intended for marine security financing, electricity distribution contracts, and estate development, were reportedly redirected toward the acquisition of telecom assets linked to NITEL/MTEL through a NATCOM account.

The commission is also investigating about 12 companies allegedly linked to Ayeni, which were said to have been used to access the loans from Polaris Bank.

Ayeni is expected to be arraigned after the conclusion of ongoing investigations.

The report also stated that the EFCC spokesperson Dele Oyewale confirmed the arrest but declined to give further details.