EFCC: Ex-minister, one other arrested over alleged N3.6bn fraud

Charles Ugwu, a former minister of commerce and industry, was detained by the Economic and Financial Crimes Commission on charges of conspiratorial and N3.6 billion loan fraud.

The late President Umaru Yar'Adua nominated Ugwu as a minister; however, following a cabinet reorganisation that also included 19 other ministers, Ugwu was fired.

In a statement released on Monday, the commission's head of media and publicity, Dele Oyewale, said that the former minister and Chief Geoffrey Ekenma were taken into custody on January 11, 2024, at No. 2, Musa Yar Adua Way, New Owerri, Imo State.

According to reports, "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, was the reason behind the arrest of two individuals.

The statement read, “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 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.”

Source