The Economic and Financial Crimes Commission (EFCC) has apprehended Charles Chukwuemeka Ugwuh, a former Minister of Commerce and Industry, and Geoffrey Ekenma on charges of conspiracy and loan fraud amounting to approximately N3.6 billion.
As stated by the commission's Head of Media and Publicity, Dele Oyewale, the arrests took place on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State. The action followed a petition from a new generation bank concerning alleged fraud involving a company, Ebony Agro Industries Ltd., linked to the ex-minister.
The investigation uncovered that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., purportedly secured a loan facility from the bank for the purchase and production of polished rice. However, the suspects allegedly failed to fulfill their obligations to the bank, and attempts to recover the outstanding loan proved unsuccessful. The EFCC has indicated that the suspects will face charges in court once investigations are concluded.
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