The Economic and Financial Crimes Commission (EFCC) has apprehended Tunde Ayeni, the former Chairman of the defunct Skyebank Plc, as part of an investigation into alleged financial misconduct involving approximately N36,540,058,400.00 and $30 million.

Ayeni is currently being held for questioning regarding allegations of money laundering, misappropriation, and diversion of these substantial sums.

Reports indicate that the investigation has expanded to include the activities of twelve companies associated with Ayeni.

These companies are under scrutiny due to their alleged involvement in obtaining loans from Polaris Bank Plc, which were initially earmarked for specific investment projects but were instead redirected to other accounts.

According to sources, the loans were intended for purposes such as funding marine security operations, handling electricity distribution contracts, and developing real estate. However, it was revealed that the funds were ultimately funneled into the acquisition of assets from NITEL/MTEL through a NATCOM account.

The EFCC has indicated that the investigation will examine the various entities involved in this matter, as they were allegedly utilized by Ayeni to secure loans under false pretenses.

The loans in question, described as depositors’ funds, were reportedly misused for unrelated and questionable activities.

Upon the conclusion of the investigation, Ayeni is expected to face arraignment.

Dele Oyewale, the Head of Media and Publicity for the EFCC, has confirmed Ayeni’s arrest but has not provided additional details regarding the ongoing investigation.

President Bola Ahmed Tinubu has sought the Senate’s approval for a $516.3 million loan to fund part of the Sokoto-Badagry Superhighway project.

Naija News reports that the request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary.

The President said the project is a 1,000-kilometre flagship highway designed to link Nigeria’s North-West to the South-West.

According to the proposal, the highway will run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun, terminating in Badagry, Lagos State.

The loan will specifically fund Sections 1, Phase 1a and 1b, covering 120 kilometres of the total corridor.

Tinubu explained that the funding arrangement involves a syndicated loan from Deutsche Bank AG, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.

He added that the Federal Government would provide counterpart funding of over ₦265.5 billion for land acquisition, compensation, and related infrastructure.

The proposed loan has a tenure of nine years, including a grace period of up to three years, with an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent annually.

The President noted that the Federal Executive Council had already approved the arrangement and requested its inclusion in the national borrowing plan.

Tinubu said the project would enhance connectivity, improve safety, and reduce logistics costs.

He added that it would boost trade, food security, and national cohesion by linking production zones to markets and ports, while also providing for future rail and utility corridors.

Akpabio referred the request to the Senate Committee on Foreign and Local Debts, directing it to report back within one week.

Speaking on the development, Senator Mohammed Adamu Aliero described the project as long overdue.

He said, “This project has been on the ground for the last 55 years. I have inspected the project, and I have seen the progress made. I am highly impressed.”

Aliero noted that construction includes both concrete and asphalt roads with solar streetlights.

He added that travel time from Sokoto to Lagos could drop significantly upon completion.

“It will reduce a 13-hour journey to approximately six hours,” he said.

The federal government has moved to reduce transportation costs by accelerating the adoption of compressed natural gas (CNG) as an alternative to petrol, which is sold at N380 per litre, compared to over N1,200 per litre for fuel.

The initiative, led by the Presidential Compressed Natural Gas Initiative (Pi-CNG), is part of efforts to lower transport costs for millions of low-income operators across Nigeria.

Credit scheme for transport workers 

To achieve its objective, Pi-CNG has partnered with financial institutions to expand access to affordable credit for vehicle conversion to CNG, Punch reports.

Speaking at the flag-off ceremony in Abuja on Wednesday, April 22, Ismaeel Ahmed, the Chief Executive Officer of the initiative, said affordability remains the biggest obstacle to CNG uptake.

The initiative includes a partnership with the Presidential Compressed Natural Gas Initiative and Electric Vehicles, Moniepoint Microfinance Bank Limited, Nigerian Consumer Credit Corporation, and National Credit Guarantee Company Limited.

Ahmed said the programme is designed to eliminate the upfront cost barrier that has slowed the adoption of alternative energy vehicles.

He said: “This is a very significant partnership. The barrier is the cost of the conversion kit and installation. “We are reducing that barrier. The kits are being supplied at cost, with no profit margin, because the goal is mass adoption.”