The Economic and Financial Crimes Commission (EFCC) has taken into custody Charles Chukwuemeka Ugwuh, a former Minister of Commerce and Industry, over allegations of an N3.6 billion loan fraud.
Ugwuh, who served under the late President Umaru Musa Yar’Adua, was apprehended alongside Chief Geoffrey Ekenma in Owerri, Imo State, following a petition submitted to the commission.
In a statement released on Monday by Dele Oyewale, the Head of Media and Publicity for EFCC, it was revealed that the arrests were made by operatives of the Lagos Zonal Command of the anti-graft agency on January 11, 2024.
“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.
“Ugwuh 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,” the statement read in part.
As gathered by RoyalTimes, the charges against the former minister and Ekenma stem from their alleged involvement in a conspiracy and fraud amounting to N3.6 billion.
The statement outlined that the arrest was prompted by a petition from a new generation bank, accusing the duo of perpetrating the fraud through a company named Ebony Agro Industries Ltd., which is linked to the ex-Minister.