BREAKING: EFCC Arrests Ex-Minister, One Other For N3.6bn Loan Fraud

Charles Ugwuh, a former minister of commerce and industry, has been detained by the Economic and Financial Crimes Commission on charges of conspiratorial and N3.6 billion loan fraud.

According to a statement by the Head of Media and Publicity of the commission, Dele Oyewale, on Monday, the ex-minister was detained with Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.

The two suspects were reportedly apprehended in response to “a petition to the commission on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., linked to the ex-minister,” according to the statement.

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.”

Details later…