ASHENEWS reports that the Economic and Financial Crimes Commission (EFCC) has announced the arrest of a former minister for Commerce and industry, Charles Chukwuemeka Ugwuh over alleged N3.6 billion fraud and conspiracy.
The EFCC, in a statement posted on its official Twitter handle on Monday said that the ex-minister was arrested by EFCC operatives of the Lagos Zonal Command alongside one Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
Their arrest, the EFCC said followed 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.
“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 statement said.
The EFCC said that the suspects would be charged to court as soon as investigations are concluded.
