Ex-Minister Charles Ugwuh And Another Are Arrested By The EFCC For Alleged N3.6 Billion Fraud

EFCC said the suspect would be charged to court as soon as investigations are concluded

Charles Chukwuemeka Ugwuh, a former minister of commerce and industry, has been arrested by agents of the Economic and Financial Crimes Commission (EFCC) Lagos Zonal Command for allegedly conspiring to steal and defraud the country of N3.6 billion.

On January 11, 2024, at No. 2, Musa Yar Adua Way, New Owerri, Imo State, Ugwuh and Chief Geoffrey Ekenma were taken into custody in response to a petition filed with the Commission by a new generation bank regarding the purported fraud carried out through a company called Ebony Agro Industries Ltd., which was connected to the former Minister.

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.