By Modupe Gbadeyanka

The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).

Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.

Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.

He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.

After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.

The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.

He is being grilled over the matter and would be arraigned in court once the investigation is concluded.

This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.

The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.

By Adedapo Adesanya

By Adedapo Adesanya

The federal government has approved a sweeping increase in peculiar allowances and other welfare benefits for civil servants, aimed at improving take-home pay and boosting morale across the public service.

The announcement was made on Friday by the Head of the Civil Service of the Federation, Mrs Didi Walson-Jack, during a press briefing in Abuja, where she outlined key reforms endorsed by the Federal Executive Council (FEC).

According to Mrs Walson-Jack, the review affects workers under both the Consolidated Public Service Salary Structure (CONPSS) and the Consolidated Research and Allied Institutions Salary Structure (CONRAISS), ensuring a broad-based impact across all cadres.

She said the revised peculiar allowances have been structured to reflect across all grade levels, resulting in a meaningful increase in earnings for both junior and senior officers.

In addition, the government approved an upward review of several key allowances, including duty tour allowance (DTA), estacode, and book allowance.

Mrs Walson-Jack noted that virtually all allowances listed under the Public Service Rules have now been revised.

A major highlight of the reform is the approval of 100 per cent Duty Tour Allowance for civil servants attending approved training programmes, regardless of whether travel is involved.

Beyond salary-related adjustments, the government also introduced a new exit benefit scheme for retiring civil servants under the Contributory Pension Scheme. The scheme provides 100 per cent of a retiree’s total annual emoluments as an exit package, in addition to their pension, effective January 1, 2026.

Mrs Walson-Jack described the move as a step toward ensuring dignity in retirement, stressing that no public servant should leave service without adequate financial support.

The government also confirmed the operationalisation of the Employee Compensation Scheme, designed to provide financial protection for workers who suffer job-related injuries or death.

The reforms come amid growing calls from labour unions for improved welfare, as rising living costs continue to put pressure on workers. Analysts say the combined measures could significantly enhance financial stability for civil servants and improve overall productivity in the public sector.