The Economic and Financial Crimes Commission (EFCC) has arrested Tunde Ayeni, a former chairman of the defunct Skye Bank, over alleged fraud involving billions of naira and millions of dollars.

According to reports, Ayeni is being investigated over an alleged ₦36 billion and $30 million financial fraud, adding to a history of corruption-related cases linked to his tenure in the banking sector.

EFCC Moves Against Former Bank Chief

The anti-graft agency’s latest action signals a renewed push to hold top financial executives accountable for alleged misconduct. Ayeni was reportedly taken into custody as part of ongoing investigations into financial transactions linked to his time at Skye Bank.

While full details of the latest allegations are still emerging, the case centres on suspected large-scale financial impropriety and diversion of funds.

History of Fraud Allegations

This is not the first time Ayeni has faced scrutiny from authorities. In previous cases, the EFCC accused him and other bank officials of diverting depositors’ funds and engaging in money laundering.

He was earlier arraigned on multiple charges involving billions of naira, including allegations of diverting funds from bank accounts for personal use.

Investigations into the collapse of Skye Bank had also linked insider loans and financial mismanagement to the institution’s crisis, which eventually led to its takeover and rebranding as Polaris Bank.

What This Means

The latest arrest highlights ongoing efforts by regulators to address financial crimes in Nigeria’s banking sector. Analysts say such actions are critical to restoring investor confidence and strengthening accountability within the financial system.

However, legal proceedings are expected to determine the outcome of the case, as the EFCC continues its investigation.

The post EFCC Nabs Former Skye Bank Boss Tunde Ayeni in N36bn Fraud Case appeared first on Housing TV Africa.

A High Court in the Federal Capital Territory has fined the (EFCC) N500,000 for repeatedly seeking adjournments in the ongoing trial of former Central Bank governor, .

Justice of the FCT High Court, sitting in Maitama, Abuja, imposed the fine on Tuesday after the anti-graft agency requested another adjournment due to the absence of its witness.

The judge, however, granted what he described as a final adjournment to allow the prosecution present its witness in court.

Emefiele faces multiple charges

Emefiele is being prosecuted on a 20-count charge bordering on alleged procurement fraud, criminal breach of trust, forgery, abuse of office, and obtaining money under false pretence.

He is accused of allegedly securing over $6.2 million meant for international election observers during the 2023 general elections, among other offences.

Defence opposes further adjournment

Counsel to the former CBN governor strongly opposed the application, arguing that the law limits the number of adjournments allowed in criminal trials.

The defence maintained that the prosecution had already exceeded the permitted number of adjournments and failed to adequately prepare its witness over a prolonged period.

Court cites interest of justice

In his ruling, Justice Muazu acknowledged the legal limits on adjournments but stated that the court retains discretion to grant one if it serves the interest of justice.

However, he sanctioned the EFCC for delaying proceedings despite earlier approval for accelerated hearing.

Next hearing date fixed

The court subsequently adjourned the case to April 27 and 28 for continuation of trial proceedings.

EFCC news, Godwin Emefiele trial, court fine Nigeria, procurement fraud case, FCT High Court, anti-corruption Nigeria, legal news Nigeria

The post Court Fines EFCC N500,000 Over Delays in Emefiele Trial appeared first on Housing TV Africa.

A Federal High Court in Lagos has ordered the final forfeiture of N178,966,938, multiple landed properties, and vehicles to the Federal Government of Nigeria, following an investigation by the Economic and Financial Crimes Commission (EFCC) into suspected proceeds of unlawful activities.

The court ruling, delivered on February 10, 2026, was based on a motion filed by the EFCC’s Lagos Zonal Directorate 1. Justice C.J. Aneke granted the forfeiture after no individual or corporate entity contested the application, confirming that the assets were reasonably suspected to be acquired through unlawful means.

The forfeited assets belonged to Stanley Akaria Chinemerem, who allegedly defrauded his employer, Godwin Uche Okearafor, a Lagos-based cosmetics entrepreneur. Investigations revealed that Chinemerem manipulated post-dated cheques, diverted proceeds into personal accounts, laundered funds through multiple bank accounts, and converted some into digital assets to acquire high-value properties and vehicles.

Seized Assets

Among the assets permanently forfeited are:

• A fully detached six-bedroom duplex on approximately 722 square metres at Nnabuenyi Street, Abule Oshun, Amuwo Odofin, Lagos.

• Two undeveloped land parcels at Onireke Town, Amuwo Odofin, measuring 667.070 square metres and 60 feet by 120 feet.

• Two vehicles: a black 2012 Toyota Highlander (LND 401JC) and a red 2018 Toyota Venza (FCT 998 JX).

EFCC counsel Zeenat Atiku informed the court that all documents were properly served, and no objections were filed within the stipulated period. An earlier interim forfeiture order issued in December 2025 had been published in The Punch to allow interested parties to respond.

EFCC’s Broader Recovery Efforts

The commission’s actions form part of its sustained efforts to recover proceeds of economic and financial crimes in Nigeria. In recent years, the EFCC reported recovering:

• N566 billion, $411 million, and 1,502 properties over two years.

• Hundreds of high-value vehicles, duplexes, and digital assets.

• Assets reinvested into government programmes or auctioned for public use.

The agency continues to demonstrate growing effectiveness in asset recovery, signaling strong enforcement against financial crimes and reinforcing international confidence in Nigeria’s anti-corruption measures.

The post Federal Court Orders Forfeiture of N178.9 Million, Properties, and Vehicles Linked to Unlawful Activities appeared first on Housing TV Africa.