Charles Chukwuemeka Ugwuha, a former Minister of Commerce and Industry has been arrested by the Economic and Financial Crimes Commission (EFCC), for alleged conspiracy and loan fraud of about N3.6 billion.
A statement by the Head of Media and Publicity of the commission, Dele Oyewale, confirmed the arrest of Ugwuha.
According to the statement, the ex-minister was arrested with Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The arrest of the two suspects was said to have 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.”
The statement reads in part;
“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 up his obligations to the bank and all efforts to get him to repay the loan facility proved abortive. The suspects would be charged to court as soon as investigations are concluded.”
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