The Economic and Financial Crimes Commission has detained Charles Ugwuh, a former Minister of Commerce and Industry, for suspected conspiracy and loan fraud of N3.6 billion.
According to a statement issued on Monday by the commission’s Head of Media and Publicity, Dele Oyewale, the ex-minister was detained along with Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The two suspects were apprehended in response to “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, “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.”