The Economic and Financial Crimes Commission (EFCC) has apprehended former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, alongside Chief Geoffrey Ekenma, for their alleged involvement in a N3.6bn fraud case.
The arrest, conducted by operatives of the EFCC's Lagos Zonal Command, took place on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State. The charges stem from a petition submitted by a new generation bank, detailing the purported conspiracy and fraud connected to Ebony Agro Industries Ltd., a company linked to the ex-Minister.
Investigations uncovered that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., secured a substantial loan from the bank, ostensibly for the acquisition and production of polished rice. However, the petitioner alleges that the ex-Minister failed to fulfill his financial obligations to the bank, and all attempts to secure repayment proved fruitless.
The suspects are expected to face charges in court once investigations are concluded. The EFCC remains committed to combating financial crimes and ensuring accountability in public and private sectors.
Tags
News