A former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, in the late President Umaru Yar’adua administration has been arrested and is now guest of the Economic and Financial Crimes Commission (EFCC).
Arrested along with him is Chief Geoffrey Ekenma, who are being interrogated over an alleged conspiracy and fraud to the tune of N3.6 billion
The duo were arrested by operatives of Lagos Zonal Command of EFCC on January 11, 2024 at No.2, Musa Yar Adua way, New Owerri, Imo State.
Persecondnews recalls that Ugwuh, an engineer and industrialist, headed the Federal Ministry of Commerce and Industry from July 2007 to October 2008.
Ugwuh and Ekenma were arrested following a petition to the EFCC from a new generation bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., linked to the ex-Minister, a statement on Monday by Mr Dele Oyewale, the spokesman for the anti-graft agency said.
“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,” he said.
The suspects are to be arraigned in court as soon as investigations are concluded.
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