Dr Frank Ayade, a younger brother of Cross River State Governor, Prof. Ben Ayade, has been arrested by the Economic and Financial Crimes Commission (EFCC) over an alleged N2.7billion fraud.
Reports said the younger Ayade was arrested in his Calabar residence on Tuesday afternoon after a search was conducted on his house.
A report by Punch said the arrest was based on a petition filed by one Paul Ifere and other indigenes of the state.
The petition, titled, ‘The Fraud Called Calabar Garment Factory,’’ accused the state government of spending N2.7bn on the factory through Frank Ayade, who had no defined public role in the administration of Governor Ayade.
Although Governor Ayade did not respond directly to the interrogation of his younger brother by the EFCC, at a press parley in Calabar on Wednesday, he noted that the Calabar Garment Factory was owned by the state government.
While dismissing the insinuations that the factory was privately owned, Ayade stated that there were verifiable documents to prove that there was no fraud involved.