The Economic and Financial Crimes Commission (EFCC) have arrested a former Minister of Commerce and Industry, Mr Charles Chukwuemeka Ugwuh, for an alleged conspiracy and fraud to the tune of N3.6bn.
A statement by the spokesman of the anti-graft agency, Dele Oyewale, stated that the ex-minister was arrested with Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The duo were arrested following a petition to the EFCC from a new generation bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd associated 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 suspect, according to the petitioner, failed to meet up 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”, the statement said.
The suspects would be charged to court as soon as investigations are concluded, EFCC said.