EFCC arrests Francis Ayade, Cross River Governor’s brother over contract fraud

EFCC arrests Francis Ayade, Cross River
Governor’s brother over contract
fraud

The Economic and Financial Crimes Commission,
EFCC, has reportedly arrested Francis Ayade,
brother to the Governor of Cross River State, Ben
Ayade , in connection with a
2.4 billion naira alleged contract fraud.

Mr. Francis Ayade is the Managing Director of Leophina Nigeria
Limited and Hally Brown International Limited.

impeccable sources from body, said that Francis Ayade was
arrested in Port Harcourt, Rivers State on Tuesday the 23rd day of
August, 2016 by operatives of the commission .

Francis is being quizzed over his involvement in the alleged
deals relating to the diversion of public funds into his
companies’ accounts.

“Four different allocations from the
Federation Accounts were alleged to have been diverted into Hally
Brown International Limited’s account owned by
him,†one of the sources said.

Investigations by a team of the commission’s
operatives assigned to the case revealed that Hally Brown
International Limited was awarded a road construction contract of
about N2.4bn in 2011.

In order for the firm to execute the contract, Ayade was said to
have allegedly taken a loan of N350m from First Bank Plc. on behalf
of Cross River Rural Access and Mobility Project. The loan was,
however, allegedly diverted.

Apart from that, the suspect is also said to have been fingered
in alleged suspicious transaction 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.

EFCC spokesman, Wilson Uwujaren, confirmed the arrest and
detention of the governor’s brother.
He also confirmed the status of the bail conditions, but could not
tell whether the suspect had perfected his bail conditions.

“All I can confirm to you is that the suspect
was arrested by operatives of the EFCC in Port Harcourt, the
capital city of Rivers State.

“I am aware he has been granted
administrative bail, but I am not sure if he has been able to meet
the bail conditions as at Wednesday evening,†he
said.

 

 

 

National Mirror

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