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.
Premiumtimes
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