The Economic and Financial Crimes Commission (EFCC) has arrested businessman and former chairman of the defunct Skye Bank Plc, Tunde Ayeni, over an alleged multi-billion naira fraud.

Ayeni was reportedly apprehended in Abuja and is currently in EFCC custody as investigations into the case continue.

According to preliminary findings, the anti-graft agency is probing the alleged diversion and misappropriation of funds estimated at N36.5 billion and $30 million.

The funds are said to have been obtained from Polaris Bank Plc through companies reportedly linked to the suspect.

 Further details regarding the circumstances surrounding the alleged fraud and possible charges have yet to be disclosed by the commission.