Politics

N2.4b contract scam: EFCC arrests Gov Ayade’s brother

Published

8 years ago

August 24, 2016

The Economic and Financial Crimes Commission (EFCC), on Tuesday arrested Francis Ayade, a brother to the Cross River State governor, Ben Ayade over an alleged N2.4 billion contract scam.

The governor’s brother, a managing director of Leophina Nigeria Limited and Hally Brown International Limited is accused of involving in diversion of public funds into his companies’ accounts.

According to a yet to be verified report, Ayade had specifically, in four different allocations from the Federation Accounts, allegedly diverted N2.4b into Hally Brown International Limited’s account owned by him.

It was learnt that investigations by EFCC operatives revealed that Hally Brown International Limited was awarded a road construction contract to the tune of N2.4 billion in 2011 and to finance the contract, Mr Ayade supposedly took a loan of N350 million from First Bank Plc, on behalf of Cross Rivers Rural Access and Mobility Project.

Read also: Ex-SGF Falae to be docked on money laundering charges

The said loan, the investigation discovered was not used for the contract, but instead transferred into the Mobility Project.

The governor’s brother, who has been offered administrative bail, but still in the custody of the EFCC pending when he fulfills the bail conditions, is also fingered in alleged suspicious transactions involving Obudu Micro Finance Bank and several other allegations.

The governor has had no connection of any kind with the alleged contract scam, though EFCC, it is learnt is still investigating the matter.

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