The Economic and Financial Crimes Commission (EFCC) has arrested Tunde Ayeni, a businessman and former chairman of the defunct Skye Bank Plc, over alleged financial misconduct involving ₦36.5 billion and $30 million.

According to a report by newsmen, Ayeni was arrested in Abuja on Thursday and is currently in EFCC custody as investigations continue.

Sources familiar with the matter disclosed that the anti-graft agency is probing the alleged diversion and misappropriation of funds reportedly obtained from Polaris Bank Plc through companies linked to him.

The funds are suspected to have been siphoned through a network of corporate entities allegedly connected to the former bank chairman.

The trial of former Kogi State Governor, Yahaya Adoza Bello, continued on Thursday, April 23, 2026, before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, with a prosecution witness narrating how huge cash lodgments were converted to dollars and handed over to a key associate.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Bello over alleged money laundering amounting to ₦80,246,470,088.88.

Testifying, the witness, Jamilu Abdullahi, a Bureau de Change operator and Prosecution Witness 12 (PW12), while being led in evidence by prosecuting counsel, Kemi Pinheiro, SAN, told the court that several cash deposits were made on different dates into the account of E-Traders International Limited by one Abba Adaudu.

“Yes, my lord, there are more cash deposit transactions on different days into E-Traders International Limited,” the witness stated when asked to confirm whether such deposits extended beyond previously identified dates.

Referring to Exhibit 33(6), Abdullahi confirmed that there were cash inflows on March 10 and 11, 2022, but clarified discrepancies in the names of depositors appearing on the transaction records.

“My lord, I need to explain that the names indicated in the cash deposits—Abdullahi Jamilu, Jamil Abdullahi, and Jamilu Abdullahi—were used as narration. However, I was not the one who made the cash deposits at the Lokoja branch,” he said.

The witness further identified Abba Adaudu as the depositor in transactions dated October 8 and 11, 2021, maintaining that all dealings were conducted directly with him.

“Abba Adaudu, my lord. In all these transactions, I dealt with Abba Adaudu,” he said.

Abdullahi disclosed that upon receiving the cash lodgments, he converted the naira sums into United States dollars and handed them over to Adaudu.

“I converted them into US dollars and handed them over to Abba Adaudu,” he said.

While examining Exhibit 37, relating to Kunfayakun Global Limited—his company—the witness confirmed receiving ₦100 million and ₦400 million on December 15 and 17, 2021, respectively, from a firm identified as Keyless Nature Limited, which he said belonged to Adaudu.

“The transfers were for dollar purchases. Upon receipt, we agreed on the rate, I converted the funds and handed the dollars over to Abba Adaudu,” he explained.

The witness further testified that on February 18, 2022, he received ₦600 million in six tranches into the account of Ejadams Essence Limited, also allegedly linked to Adaudu, for the purpose of purchasing dollars. Additionally, he confirmed receiving ₦325 million on February 21, 2022, via RTGS for the same purpose.

According to him, the physical handover of the dollars took place either at his office or that of Adaudu, located in Area 8, Abuja.

“What I can recall is that he always comes to my office to pick up the dollars, my lord,” he said.

Proceedings were, however, briefly stalled following an objection by defence counsel, J. B. Daudu, SAN, who argued that the prosecution was attempting to contradict the witness without first declaring him hostile.

“If the witness wants to contradict himself, he should be declared a hostile witness,” Daudu submitted.

In response, Pinheiro maintained that the witness had been consistent in his testimony, noting that his recollection of events spanning several years could not be construed as contradiction.

“The witness was very unequivocal and unambiguous… His statement reflects his recollection of transactions that occurred about five years ago,” he argued, citing relevant provisions of the Evidence Act.

After listening to arguments from both parties, Justice Nwite adjourned the matter until April 24, 2026, for a ruling on the objection and continuation of the trial.

Dele Oyewale
Head, Media & Publicity
April 23, 2026

The Economic and Financial Crimes Commission (EFCC), on Thursday, April 16, 2026, presented Prosecution Witnesses 12, 13, 14, 15, and 16 before Justice Obiora Egwuatu of the Federal High Court, FCT, Abuja, in the ongoing trial of Jesam Michael Ubi and Afriq Arbitrage System (AAS) over alleged investment fraud.

The witnesses, who are victims of Ubi’s arbitrage trading platform, Afriq Arbitrage System, testified about the loss of their investment capital and the failure to receive promised returns on investment (RoI).

Led in evidence by prosecution counsel, Ekele Iheanacho, SAN, Prosecution Witness 12 (PW12), Okoye Eugene, a welder, told the court that he had earlier invested in an investment platform known as COTPS, which later crashed. He disclosed that the first defendant, through the platform’s social media group, encouraged him to continue investing even as it became apparent that the scheme had failed.

He further stated that the defendant subsequently migrated him and other investors to a Telegram group, where he introduced Afriq Arbitrage System (AAS) as a new investment opportunity.

According to PW12, he was persuaded to invest after the defendant assured them that their funds were safe and warehoused in the Binance liquidity pool, which he claimed was secure from unauthorised access. He added that the defendant shared pictures of his wife, children, and mother on the Telegram group to build trust among investors.

Based on these assurances, PW12 said he invested over $82,000 on behalf of himself, his friends, and family members.

He further told the court that in April 2023, the defendant informed investors of a system glitch, which allegedly prevented the payment of returns on investment. However, suspicion arose when the defendant claimed that a certain individual named Abayomi had stolen $87,000,000 from the interest pool, while insisting that investors’ capital remained intact.

PW12 stated that the defendant assured them that withdrawals could be processed within hours upon contacting the support team via email. He, however, lamented that neither his capital nor any returns have been paid to date.

Prosecution Witness 13 (PW13), Salihu Z. Ibrahim, a businessman from Auchi, Edo State, dealing in kitchenware, testified that he was also assured that his investment was secure and protected from external breaches. He said he was convinced to invest based on the defendant’s repeated claims that the funds were held in the Binance liquidity pool.

He added that as the platform began to experience issues and investors demanded access to their funds, they were removed from the Telegram group, threatened, and in some cases, arrested. He also alleged that figures on the platform were manipulated.

Prosecution Witness 14 (PW14), Johnson Veronica, told the court that she sold her cars and other properties to invest about $80,000 in AAS. She said the experience had devastated her life, leading to the loss of her marriage and life savings.

She further testified that the defendant later claimed he had travelled for liver treatment and, during his absence, a certain Abayomi allegedly compromised his and his wife’s biometric data to gain unauthorised access to the interest pool, from which $87,000,000 was stolen.

She, however, expressed doubt over the claim, noting that the defendant had previously stated that even he could not breach the system.

Prosecution Witness 15 (PW15), Ayam Sebastian Chinwendu, a civil servant, testified that she took loans to invest in both the AAS platform and a newly introduced token by the defendant. She said she invested over $3,000 and has since been unable to recover her funds.

Prosecution Witness 16 (PW16), Okonkwo Leonard Emeka, stated that he was introduced to the platform by his sister. He said he invested over $20,000 in AAS and an additional $17,000 in the newly floated token, hoping to earn returns. However, he noted that he has neither received his capital nor any returns.

According to him, “I have put in all I have into this and convinced others to invest, and now it is costing me my family. I don’t want the RoI anymore; I just want my invested capital so I can take care of my family.”

He also questioned the defendant’s lifestyle, stating that despite claims of financial losses, the defendant continued to live extravagantly, showcasing luxury properties, including swimming pools branded with his name, and driving expensive cars.

All the witnesses confirmed that the AAS platform is no longer accessible to investors. They also expressed doubt that the funds invested were used for arbitrage trading as claimed.

The prosecution tendered screenshots of the witnesses’ dashboards and other relevant pages of the investment platforms, which were admitted in evidence by the court.

The case was adjourned until May 14, 2026, for continuation of trial.