EFCC arrests ex-minister Charles Ugwuh over inability to repay N3.6 billion bank loan
The Economic and Financial Crimes Commission (EFCC) has arrested a former Minister of Commerce and Industry, Charles Ugwuh, for alleged conspiracy and loan fraud to the tune of N3.6 billion.
According to a statement by the Head of Media and Publicity of the commission, Dele Oyewale, on Monday, the ex-minister was arrested with Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The arrest of the two suspects was said to have followed “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,” he said.
Charles Ugwuh was the Minister of Commerce and Industry during the administration of late President Umaru Musa Yar’Adua.
