The Economic and Financial Crimes Commission (EFCC) has apprehended former Minister of Commerce and Industry, Charles Ugwu, alongside Chief Geoffrey Ekenma, on charges of conspiracy and loan fraud amounting to N3.6 billion.
Ugwu, appointed by the late President Umaru Yar’Adua and subsequently dismissed in a cabinet reshuffle, was taken into custody on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
According to the EFCC’s Head of Media and Publicity, Dele Oyewale, the arrest follows a petition from a new generation bank regarding alleged fraud involving 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., purportedly secured a loan for the purchase and production of polished rice.
However, they allegedly failed to meet their obligations to the bank, prompting the EFCC to intervene.
