The Economic and Financial Crimes Commission (EFCC) on Monday informed that it had arrested a former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, for an alleged conspiracy and fraud to the tune of N3.6billion.
Ugwuh served in the administration of the late President Umaru Musa Yar’Adua between July 26, 2007 and October 29, 2008 when he was relieved of his position in a cabinet reshuffle.
EFCC spokesman, Dele Oyewale, informed in a release he signed and made available on Monday to the Nigerian Tribune that the former minister 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 Limited, linked to the ex-minister.
Oyewale added that investigations revealed that Ugwuh and Ekenma, Managing Director, Ebony Agro Industries Limited, 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,” Oyewale stated.
He added that both suspects would be charged to court as soon as investigations are concluded by the anti-graft agency.
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