Charles Chukwuemeka Ugwuh, a former minister of commerce and industry, was taken into custody by agents of the Economic and Financial Crimes Commission (EFCC) Lagos Zonal Command on suspicion of conspiring to commit fraud totaling N3.6 billion.
Dele Oyewale, the EFCC’s spokesperson, said as much in a statement on Friday.
According to the statement, on January 11, 2024, at No. 2, Musa Yar’Adua Way, New Owerri, Imo State, Ugwuh and Chief Geoffrey Ekenma were taken into custody in response to a petition filed with the commission by a new generation bank, alleging that the ex-minister’s company, Ebony Agro Industries Ltd., was involved in a fraud.
According to investigations, the bank reportedly provided a loan facility to Ugwuh and Ekenma, the managing director of Ebony Agro Industries Ltd., for the purpose of buying and producing polished rice.
Nonetheless, the petitioner claims that the suspects neglected to fulfill their bank commitments, and that all attempts to compel them to return the loan were unsuccessful.
As soon as the investigations are over, he said, the suspects will face charges in court.