Wednesday, 24 August 2016
Cross River Governor's Brother, Ayade Arrested by EFCC Over Alleged N2.4billion Fraud
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.