Cross River Governor's Brother, Ayade Arrested by EFCC Over Alleged N2.4billion Fraud ~ SlimXclusive | Your number 1 infotainment portal - Now news is at your fingertip

Wednesday, August 24, 2016

Cross River Governor's Brother, Ayade Arrested by EFCC Over Alleged N2.4billion Fraud

The brother of the Cross Rivers State Governor, Ben Ayade has been arrested by the Economic and Financial Crimes Commission over alleged N2.4billion contract scam. The man identified as Francis Ayade was arrested on Tuesday is the managing director of Leophina Nigeria Limited and Hally Brown International Limited. He is said to have been involved in the alleged shady deals and diversion of public funds using accounts of his companies.
An official is quoted as saying: “Specifically, four different allocations from the Federation Accounts were alleged to have been diverted into Hally Brown International Limited’s account owned by him."[/b  Further details by the EFCC revealed that Hally Brown International Limited was awarded a road construction contract to the tune of N2.4billion in 2011. Mr. Ayade is said to have taken a loan of 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.
 It was later found out that the loan was not used for the contract but was diverted to the Mobility Project. Mr. Ayade has also been implicated in alleged suspicious transactions involving Obudu Micro Finance Bank, among other allegations. He has secured an administrative bail but still in the custody of the EFCC pending when he fulfills the bail conditions. The EFCC are still investigating the matter to determine if Governor Ayade is linked to the alleged scam.



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