EFCC Arrests Former Minister Over Alleged N3.6bn Fraud
BY SEGUN ADEBAYO, ABUJA – The Economic and Financial Crimes Commission (EFCC) said on Monday that it has arrested the former Minister of Commerce and Industry, Charles Ugwuh, over an alleged conspiracy and loan fraud amounting to the tune of N3.6 billion.
A statement by the Head of Media and Publicity of the EFCC, Dele Oyewale, said the former minister was arrested with Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The arrest of the duo was as a result of “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 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 former minister served under the late President Umaru Musa Yar’Adua.
