The Economic and Financial Crimes Commission has apprehended Charles Chukwuemeka Ugwuh, a former Minister of Commerce and Industry, for his alleged involvement in conspiracy and loan fraud amounting to about N3.6 billion.
According to The PUNCH, the Head of Media and Publicity of the EFCC, Dele Oyewale, issued a statement confirming the arrest.
The arrest took place on January 11, 2024, alongside Chief Geoffrey Ekenma at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The duo is accused of fraudulent activities linked to a company, Ebony Agro Industries Ltd., as detailed in a petition from a new-generation bank.
The statement revealed that the arrest followed a petition from the bank, outlining the alleged fraud perpetrated through Ebony Agro Industries Ltd., a company associated with the ex-minister.
According to the statement, investigations indicated that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., secured a loan facility from the bank for the purchase and production of polished rice.
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 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.”
