Operatives of the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, have arrested a former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, for an alleged conspiracy and fraud to the tune of N3.6 billion.
This was contained in a statement by the EFCC Spokesperson, Dele Oyewale, on Friday.
The statement noted that Ugwuh was arrested alongside Chief Geoffrey Ekenma on January 11, 2024, at No. 2, Musa Yar’Adua Way, New Owerri, Imo State, following a petition to the commission from a new generation bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., linked to the ex-minister.
Investigations revealed that Ugwuh and Ekenma, Managing Director, Ebony Agro Industries Ltd., allegedly obtained a loan facility from the bank for the purchase and production of polished rice.
However, the suspects, according to the petitioner, failed to meet their obligations to the bank and all efforts to get them to repay the loan proved abortive.
He said the suspects would be charged in court as soon as investigations are concluded.
EFCC arrests ex-Minister Charles Ugwuh for alleged N3.6bn fraud