The Economic and Financial Crimes Commission (EFCC) has announced the arrest of Charles Ugwuh, a former minister of commerce and industry, and Geoffrey Ekenma over an alleged conspiracy and fraud amounting to N3.6 billion.
According to a statement by the head of media and publicity at EFCC, Dele Oyewale, the arrest of Ugwuh and Ekenma took place on January 11 at No.2, Musa Yar’Adua way, New Owerri, Imo state.
The apprehension follows a petition from a new generation bank, detailing the purported fraud committed through Ebony Agro Industries Ltd., a company linked to the ex-minister.
Investigations revealed that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., allegedly obtained a loan facility from the bank for the purchase and production of polished rice.
However, the suspects allegedly failed to fulfill their obligations to the bank, and attempts to recover the loan proved unsuccessful.
“The suspects would be charged to court as soon as investigations are concluded,” the statement added.
Charles Ugwuh, who served as the minister for commerce and industry in 2007 under late President Umaru Musa Yar’Adua, faced a cabinet reshuffle in 2008 that led to his dismissal along with 19 other ministers.
