Alleged N3.6bn Fraud: EFCC arrests ex-minister, one other

The Economic and Financial Crimes Commission (EFCC) says its operatives from the Lagos Zonal Command have arrested a former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, for an alleged conspiracy and fraud to the tune of N3.6bn.

Head Media and Publicity of the EFCC, Dele Oyewale in a statement on Monday, said Ugwuh was arrested alongside Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.

He said their arrest 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.

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The anti-graft agency said 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.

According to the petitioner, however, the suspect, failed to meet up his obligations to the bank and all efforts to get him to repay the loan facility proved abortive.

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The EFCC said the suspects would be charged to court as soon as investigations are concluded.