Day after day, the list of politicians roped in fraud allegations gets increasingly long. While Nigerians are yet to forget Betta Edu, the Economic and Financial Crimes Commission (EFCC) has arrested a former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh.
He was arrested over an alleged conspiracy and loan fraud of about ₦3.6 billion.
This was disclosed in a statement on Monday by the EFCC Head of Media and Publicity, Dele Oyewale.
Oyewale noted that Ugwuh was arrested along with Chief Geoffrey Ekenma.
According to the spokesperson for the anti-graft agency, the former minister was arrested with Chief Ekenma.
It was on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The Petition
Oyewale noted that the two men were arrested based on a petition to the EFCC from a new generation bank.
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The petition bothered on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., which was linked to the former minister.
It said the arrested men secured a loan facility from the bank and failed to meet with required obligations thereafter.
The statement said: “Investigations revealed that Ugwuh and Ekenma, Managing Director, Ebony Agro Industries Ltd., allegedly obtained a loan facility from the bank.
“It was for the purchase and production of polished rice.
“However, the suspect, according to the petitioner, failed to meet up his obligations to the bank and all efforts to get him to repay the loan facility proved abortive.
“The suspects would be charged to court as soon as investigations are concluded”.
