Abuja, Jan. 15, 2024 – Charles Chukwuemeka Ugwu, a former Minister of Commerce and Industry, has been arrested by the Economic and Financial Crimes Commission (EFCC)for alleged conspiracy and loan fraud of about N3.6 billion.
The EFCC disclosed this on Monday in a statement issued by Dele Oyewale, its Head of Media and Publicity.
He said the former minister was arrested along with one Chief Geoffrey Ekenma on January 11, 2024 at No.2, Musa Yar Adua Way, New Owerri, Imo State.
“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.” (GBN)
