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Governor Ayade’s Brother Arrested By EFCC Over Alleged N2.4 Billion Fraud

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The Economic and Financial Crimes Commission, EFCC, has arrested Frank Ayade, brother of the Cross River State governor, Professor Ben Ayade over alleged N2.4 billion contract fraud.

Dr. Ayade, who Is the managing director of Leophina Nigeria Limited and Hally Brown International Limited, was arrested on Tuesday, August 23, 2016, by the EFCC as he was allegedly involved in converting public funds into his company account.

“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.

According to the investigations by EFCC, Hally Brown was given a N2.4 billion road contract in 2011.

In order to finance the contract and on behalf Cross Rivers Rural Access and Mobility Project, Mr. Ayade too a loan of N350,000,000 (Three Hundred and Fifty Million Naira) from First Bank Plc.

However, investigations show that the money was not used to execute the contract but was transferred to the Mobility Project instead.

He has also been fingered to be involved in suspicious transactions with Obudu Microfinance Bank, and other allegations, is being held at the EFCC’s custody until he meets bail conditions.

EFCC officials have said that investigations are still ongoing.

Premium Times reports that the Governor, Ben Ayade, has not responded to call made to him on Wednesday morning.

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