EFCC Arrests Former Commerce And Industry Minister, Charles Ugwuh, And Accomplice For Alleged N3.6bn Fraud

Operatives from the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) have taken into custody the former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, and Chief Geoffrey Ekenma for their alleged involvement in a conspiracy and fraud amounting to N3.6 billion.

The arrests of Ugwuh and Ekenma happened on January 11, 2024, at No. 2, Musa Yar Adua Way, New Owerri, Imo State.

The arrest followed a petition submitted to the Commission by a new generation bank, outlining purported fraudulent activities connected to the company Ebony Agro Industries Ltd., with ties to the ex-Minister.

Upon thorough investigations, it was discovered that Ugwuh and Ekenma, who serve as the Managing Director of Ebony Agro Industries Ltd., allegedly secured a loan facility from the bank earmarked for the procurement and production of polished rice.

Regrettably, the petitioner alleged that the suspects failed to fulfil their financial obligations to the bank, and despite diligent efforts to prompt repayment of the loan facility, all attempts proved futile.

The investigative process is underway, and upon its conclusion, the suspects, Ugwuh and Ekenma, will face charges in court.

The EFCC said it remained committed to ensuring a thorough and just resolution to this matter.