The officials of the Economic and Financial Crimes Commission have arrested a former Minister of Commerce and Industry, Charles Ugwuh, over the allegation of conspiracy and loan fraud to the tune of N3.6 billion.
The EFCC in a statement issued by its Head of Media and Publicity, Dele Oyewale, on Monday, revealed that Ugwuh was arrested alongside Chief Geoffrey Ekenma, on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The Commission revealed that the arrest was initiated following “a petition 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.”
According to the PUNCH, Ugwu was elected chairman of the Peoples Democratic Party in Imo State in 2020. He returned unopposed as other aspirants from the Okigwe zone, where the position was zoned to, stepped down for him.
However, he was suspended from his position as the chairman of the party, three years after his election, following an allegation of misconduct.