Officials from the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) have apprehended Charles Chukwuemeka Ugwuh, a former Minister of Commerce and Industry, alongside Chief Geoffrey Ekenma, on allegations of conspiracy and fraud amounting to N3.6 billion.
The arrest took place on January 11, 2024, at No.2, Musa Yar Adua way, New Owerri, Imo State. This development followed a petition submitted to the Commission by a new generation bank, outlining the purported fraudulent activities carried out through a company known as Ebony Agro Industries Ltd., linked to the former Minister.
The statement 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.
“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.”