The EFCC has arrested a former Minister for an alleged N3.6 billion fraud
The EFCC's Lagos Zonal Command has apprehended Charles Chukwuemeka Ugwuh, a former Minister of Commerce and Industry, on charges of conspiracy and fraud amounting to N3.6 billion.
In a statement released on Monday, the EFCC announced the arrest of Charles Chukwuemeka Ugwuh and Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State. The arrest stemmed from a petition by a new generation bank regarding an alleged fraud involving Ebony Agro Industries Ltd., a company linked to the former Minister.
Investigations uncovered that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., allegedly secured a loan from the bank for the purchase and production of polished rice.
Nevertheless, as per the complainant, the suspect failed to fulfill his commitments to the bank, and all attempts to compel him to repay the loan were unsuccessful. The Commission mentioned that the suspects would face court charges once investigations were completed.
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