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 picked up in Abuja and is currently in EFCC custody as investigations continue.

The EFCC is investigating the alleged diversion and misappropriation of funds estimated at N36.5 billion and $30 million.

The amount is said to have been obtained from Polaris Bank Plc through companies linked to him.