A former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, has been arrested by the Economic and Financial Crimes Commission (EFCC) over an alleged N3.6bn loan fraud.
Ugwuh, who serverd under the late President Umaru Musa Yar’Adua, was arrested by the the anti-graft agency alongside one Chief Geoffrey Ekenma.
The EFCC, in a statement on Monday by Dele Oyewale, Head, Media and Publicity, said the duo were apprehended in Owerri, Imo State, last Thursday, following a petition to the commission.
“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 N3.6bn.
Forex: Need for caution in EFCC’s probe of Dangote, others
EFCC vows to reopen ‘N70bn fraud’ case against Tinubu’s minister
“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,” the statement read in part.
The EFCC 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,” the statement added.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
