The Economic and Financial Crimes Commission (EFCC) has arrested Francis Ayade, brother to the governor of Cross River State, Ben Ayade, over alleged N2.4 billion contract scam.

Ayade was arrested on Tuesday in connection with fraudulent dealings involving diversion of public funds to his companies’ accounts.

Mr. Ayade was alleged to have diverted funds from the Federation Accounts into Hally Brown International Limited’s account. Investigations by EFCC operatives showed that Hally Brown International Limited was awarded a road construction contract to the tune of N2.4 billion 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.

However, the loan was not used 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 fulfils the bail conditions. (Independent)

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