EFCC Arrests Former Commerce Minister, Chukwuemeka Ugwu For Alleged N3.6billion Fraud

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A former Nigerian Minister of Commerce and Industry, Charles Chukwuemeka Ugwu has been arrested by the Economic and Financial Crimes Commission (EFCC) for alleged conspiracy and loan fraud of about N3.6billion.

This was confirmed in a statement by the Head of Media and Publicity of the commission, Dele Oyewale, the ex-minister.

According to the statement, the former minister was arrested together with Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State, after the agency received a petition from a commercial bank on the alleged fraud committed by the arrested suspects.

The statement said the former minister was arrested following “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.

“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.”

 

Sahara Reporters

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SUNDAY ADEBAYO is a writer, Public relations practitioner, and a versatile Journalist with over 6,000 reports on a wide range of topics associated with the Nigerian society and the international community. Currently the Editor In Chief at Society Reporters. His passion is to deliver great and insightful news and analysis on topical issues and society happenstances.