Former Commerce and Industry Minister Charles Chukwuemeka Ugwuh has been arrested by the Economic and Financial Crimes Commission (EFCC) for alleged conspiracy and loan fraud worth approximately N3.6 billion.
The ex-minister was arrested with Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State, according to the commission’s Head of Media and Publicity, Dele Oyewale.
The two suspects were arrested following a petition from a new generation bank regarding alleged fraud through 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 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.”