Ex-Skye Bank GMD allegedly spends N7b on Jonathan’s reelection bid, owes N200b | Bizness Watch
Tunde Ayeni

Ex-Skye Bank GMD allegedly spends N7b on Jonathan’s reelection bid, owes N200b

A former Group Managing Director of Skye Bank Plc, Tunde Ayeni, has been accused of owing the Bank and other lenders about N200 billion.
Out of the amount, N7 billion, from a N33 billion facility from Skye Bank Plc, was believed to have gone into the failed reelection bid of former President Goodluck Jonathan in 2015.
According to a report by TheCable, a credible online newspaper, the bulk of the money was used to purchase companies in which Ayeni has interest.
Ayeni was the chairman of Skye Bank Plc from 2010 to 2016 when he was removed by the Central Bank of Nigeria.
He was accused of using his position to obtain the loans to purchase Ntel, take up power distribution with the establishment of Ibadan Electricity Distribution Company and Yola Electricity Distribution Company, which was put at N70 billion.
In this regard, the new management of the Bank with Muhammad Ahmad as Chairman and Tokunbo Abiru as Group Managing Director/CEO, has written the Acting President, Prof. Yemi Osinbajo, to formally complain.
The letter said Ayeni’s total exposure regarding Ntel, IBEDC and YEDC was in the region of N70 billion, with another N33 billion traced to him, out of which he was suspected to have used N7 billion for Jonathan’s reelection bid.
His total debt exposure was said to be in the region of N150 billion to Skye Bank Plc and other lenders.

Tunde Ayeni

Tunde Ayeni

However, TheCable said there were indications Ayeni had started paying back.
He was said to have paid $10 million to Skye Bank last week.
He also pays $4.5 million quarterly towards the facilities he took to purchase the government-owned enterprises.
He is also said to be on the verge of securing a $200 million foreign investment, part of which is meant to pay off Ntel’s indebtedness to banks.
But the letter by Ahmad and Abiru to Osinbajo said: “As of today, Ayeni’s total industry indebtedness, covering both Nitel and the Electricity Distribution Companies (Discos) is estimated at about N150bn, and little, if any, of these obligations, are being doubtful that he will ever be in a position to service these loans satisfactorily.”
The Skye Bank Plc management, according to TheCable also indicted Akinsola Akinfewa, Kehinde Durosinmi-Etti and Oguntayo, all former GMDs of the bank; the Chairman of Forte Oil Plc, Femi Otedola; Festus Fadeyi; and Jide Omokore, the Chairman of Atlantic Energy and business partner of former Minister of Petroleum Resources, Diezani Alison-Madueke, in the letter to Osinbajo.

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