August 24, 2016
UPDATE | Governor Ayade Brother Arrested Over Alleged N2.4Billion Fraud
Sources at the anti-graft agency disclosed that Francis Ayade was arrested on Tuesday in connection with the scam.
Francis Ayade, MD of Leophina Nigeria Ltd 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 PT.
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) 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.
He 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 EFCC until he fulfills the bail conditions.