The Economic and Financial Crimes Commission has arrested a brother to Governor Ben Ayade of Cross River State over alleged N2.4billion contract scam.
Sources at the EFCC
told Premium Times that Francis Ayade was arrested on Tuesday in connection
with the scam.
Mr. Ayade, managing
director of Leophina Nigeria Limited and Hally Brown International Limited, was
fingered in 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
official told Premium Times.
Investigations by EFCC
operatives showed that Hally Brown International Limited was awarded a road
construction contract to the tune of N2.4billion in 2011.
To finance the
contract, Mr. Ayade allegedly took a loan of N350,000,000 (Three Hundred and
Fifty Million Naira only) from First Bank Plc, on behalf of Cross Rivers Rural
Access and Mobility Project.
The loan, was however,
unused for the contract, but transferred into the Mobility Project.
Mr. Ayade has also been
implicated in alleged suspicious transactions involving Obudu Micro Finance
Bank, among other allegations.
He has
been offered administrative bail but still in the custody of the EFCC until he
fulfills the bail conditions.
It is not clear if
Governor Ayade himself has been linked to the alleged scam. EFCC insiders said
investigations were continuing.
Christian Ita, the
spokesperson to Governor Ayade could not be reached to comment for this story.
He did not answer or return calls made to him on Wednesday morning.
-Premium Times
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