Former Minister of Commerce and Industry Charles Ugwuh has been arrested by the Economic and Financial Crimes Commission (EFCC) on alleged N3.6billion fraud, the Nigerian anti-graft agency stated on Monday.
According to the statement released on Monday 15th Janaury 2024, stated that the former Minister of Commerce and Industry, Charles Ugwuh was arrested for an alleged conspiracy and fraud to the tune of N3.6billion.
Charles Ugwuh 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 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.