The former Nigerian Minister of the Ministry of Commerce and Industry from July 2007 to October 2008, Charles Chukwuemeka Ugwuh has been arrested by the Economic and Financial Crimes Commission (EFCC) for alleged conspiracy and loan fraud to the tune of N3.6 billion.
The Head of Media and Publicity of the commission, Dele Oyewale in a statement on Monday, said the ex-minister was arrested with Chief Geoffrey Ekenma on January 11, 2024, at No. 2, Musa Yar Adua Way, New Owerri, Imo State.
According the statement, the arrest of the two suspects 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.
It further stated that investigations revealed that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., allegedly obtained a bank loan for the purchase and production of polished rice.
However, the suspects, according to the petitioner, failed to meet their obligations to the bank, and all efforts to get them to repay the loan were futile.
EFCC said the suspects would be charged in court as soon as investigations were completed.
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