Mr. Francis Ayade is the Managing Director of Leophina Nigeria Limited and Hally Brown International Limited.
According to National Mirror, impeccable sources from the anti-graft body, told their correspondent in Abuja that the young Ayade was picked up in Port Harcourt, Rivers State on Tuesday by operatives of the commission investigating the alleged scam.
According to sources, the suspect is being quizzed over his involvement in the alleged shady 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.