Operatives of the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC), have arrested a former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, for an alleged conspiracy and fraud to the tune of N3.6bn.
Spokesperson of the anti-graft agency, Mr. Dele Oyewole, made this known in a statement on Monday in Abuja.
TheFact Daily reports that the erstwhile minister was arrested alongside Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State, following 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.
Oyewole disclosed that the suspects would be charged to court upon the conclusion of investigations.
