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 alleged conspiracy and fraud to the tune of N3.6bn.
In a statement yesterday, the EFCC said Mr. Ugwuh was arrested alongside Geoffrey Ekenma on January 11, 2024, in Imo State, following a petition from a new generation bank which alleges the fraud was perpetrated through a company, Ebony Agro Industries Ltd., linked 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 his obligations to the bank and all efforts to get him to repay the loan facility proved abortive.
The Commission stated that the suspects would be charged in court as soon as investigations were concluded.