Headline
EFCC Apprehends Ex-Minister For Alleged N3.6bn Fraud
EFCC Apprehends Ex-Minister For Alleged N3.6bn Fraud
The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) apprehended former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, for his suspected involvement in a conspiracy and fraudulent activities amounting to N3.6 billion.
According to the EFCC Spokesperson, Dele Oyewale, the arrest took place on January 11, 2024.
Ugwuh was apprehended alongside Chief Geoffrey Ekenma at a specific location in Imo State, following a petition from a new generation bank regarding fraudulent actions associated with a company called Ebony Agro Industries Ltd., which has ties to the ex-minister.
Investigations have subsequently revealed that Ugwuh and Ekenma, who is the Managing Director of Ebony Agro Industries Ltd., allegedly secured a loan from the bank for the purchase and production of polished rice.
However, the petition asserts that the suspects failed to fulfill their obligations to the bank, and all attempts to recover the loan were unsuccessful.
As the investigation progresses, the suspects are expected to face charges in court once the inquiries are finalized.
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