Operatives from the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) have apprehended the former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, and Chief Geoffrey Ekenma on charges of conspiracy and fraud amounting to a staggering N3.6 billion.
They were arrested on January 11, 2024, at No. 2, Musa Yar Adua way, New Owerri, Imo State.
This development followed a petition to the EFCC from a new generation bank, shedding light on alleged fraudulent activities linked to the ex-minister through a company named Ebony Agro Industries Ltd.
Investigations uncovered that Ugwuh and Ekenma, who served as the Managing Director of Ebony Agro Industries Ltd., purportedly secured a loan facility from the bank, intending to use the funds for the purchase and production of polished rice.
However, the petitioner contends that Ugwuh failed to fulfill his obligations to the bank, and all attempts to secure repayment of the loan facility proved futile.
As the EFCC progresses with its investigations, the suspects, Ugwuh and Ekenma, are poised to face charges in court once the inquiry is concluded.
This arrest marks a significant development in the fight against financial crimes, sending a strong message that individuals in positions of power will be held accountable for any alleged wrongdoing.
