A former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, has been arrested by the Economic and Financial Crimes Commission, EFCC, over alleged conspiracy and loan fraud to the tune of about N3.6 billion.
In a statement issued by the Commission's Head of Media and Publicity, Dele Oyewale, the former minister was arrested with Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar'adua Way, New Owerri, Imo State.
The apprehension of the duo came sequel to “a petition to the Commission from a bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., linked to the ex-minister.
The statement said: “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 suspect, according to the petitioner, failed to meet his obligations to the bank and all efforts to get him to repay the loan facility proved abortive. The suspects would be charged to court as soon as investigations are concluded.”
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