The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) has apprehended Charles Chukwuemeka Ugwuh, a former Minister of Commerce and Industry, and Chief Geoffrey Ekenma for their involvement in an alleged conspiracy and fraud amounting to N3.6bn.
The arrest took place on January 11, 2024, at No.2, Musa Yar Adua way, New Owerri, Imo State. The EFCC’s Head of Media and Publicity, Dele Oyewale, stated that the arrest was made following a petition from a new generation bank regarding the fraudulent activities carried out through Ebony Agro Industries Ltd., a company associated with the ex-Minister. Investigations conducted by the anti-graft agency revealed that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., had obtained a loan facility from the bank for the purpose of purchasing and producing polished rice.
However, the petitioner claimed that Ugwuh failed to fulfill his obligations to repay the loan, despite numerous attempts to recover the funds. The EFCC has stated that once the investigations are concluded, the suspects will be brought before the court to face charges.
