The Economic and Financial Crimes Commission (EFCC) has arrested a former minister of commerce and industry Charles Ugwuh over alleged conspiracy and loan fraud of about N3.6 billion.
Spokesman of the EFCC Dele Oyewale said in a statement on Monday that Mr Ugwuh was arrested with Geoffrey Ekenma on January 11, 2024, in Imo State.
The arrest of the two suspects was said to have 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.
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.”
The late former President Umaru Yar’Adua appointed Ugwuh in 2007. A year later, he was removed from the position following a cabinet reshuffle which appointed 19 other ministers.
