The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) has apprehended Charles Chukwuemeka Ugwuh, a former Minister of Commerce and Industry, over an alleged conspiracy and fraud amounting to N3.6 billion.
According to a statement released by the EFCC Spokesperson, Dele Oyewale, on Friday, Ugwuh was arrested alongside Chief Geoffrey Ekenma on January 11, 2024, at No. 2, Musa Yar’Adua Way, New Owerri, Imo State.
The arrest follows a petition to the commission from a new generation bank regarding the alleged fraud carried out through a company, Ebony Agro Industries Ltd., associated with the ex-minister.
Investigations revealed that Ugwuh and Ekenma, who serves as the Managing Director of Ebony Agro Industries Ltd., secured a loan facility from the bank for the purchase and production of polished rice.
However, they allegedly failed to fulfill their obligations to the bank, despite numerous attempts to recover the loan.
The EFCC spokesperson stated that the suspects would be charged in court once investigations are concluded.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate