The brother of Governor Ben Ayade of Cross River State has found himself in the net of the Economic and Financial Crimes Commission (EFCC) over an alleged N2.4billion contract fraud.
According to online Sources, the EFCC said that Francis Ayade was arrested on Tuesday in connection with the fraud.
Francis Ayade, brother of Ben Ayade and head of Leophina Nigeria Ltd and Hally Brown International Limited, was connected with some alleged shady deals involving diversion of public funds into his companies’ accounts.
“Specifically, four different allocations from the Federation Accounts were alleged to have been diverted into Hally Brown International Limited’s account owned by him,” an EFCC official told PT.
Hally Brown International Limited, the company run by Ayade, was reportedly awarded a road construction contract to the tune of N2.4billion in 2011, a loan of N350m (Three Hundred and Fifty Million Naira) from First Bank Plc was allegedly taken by Mr. Ayade on behalf of Cross Rivers Rural Access and Mobility Project.
Reports allege however that said loan was not used for the contract, but rather transferred into the Mobility Project.
He has also been implicated in alleged suspicious transactions involving Obudu Micro Finance Bank, among other allegations.
Ayade has been offered administrative bail but until such a time when he fulfills the bail conditions, he will remain in EFCC custody.
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