Calabar - The Economic and Financial Crimes Commission has arrested a brother to Governor Ben Ayade of Cross River State over alleged N2.4billion contract scam, Premium Times reports.
Francis Ayade was arrested on Tuesday in connection with the scam.
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.
He allegedly took a loan of N350 million from First Bank Plc, on behalf of Cross Rivers Rural Access and Mobility Project to finance a road construction contract to the tune of N2.4billion in 2011.
The loan, was however, unused for the contract, but transferred into the Mobility Project according to Saharareporters.
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.
- News 24