The Economic and Financial Crimes Commission (EFCC) has apprehended Charles Ugwu, a former Minister of Commerce and Industry, in connection with an alleged conspiracy and loan fraud amounting to N3.6 billion.
Ugwu, who served as a minister during the administration of late President Umaru Yar’Adua, was dismissed following a cabinet reshuffle that affected 19 other ministers.
The arrest, which took place on January 11, 2024, in New Owerri, Imo State, also involved Chief Geoffrey Ekenma.
The move by the EFCC followed a petition from a new-generation bank detailing the suspected fraudulent activities carried out through a company linked to the ex-minister, Ebony Agro Industries Ltd.
According to Dele Oyewale, the Head of Media and Publicity of the EFCC, investigations uncovered that Ugwu and Ekenma, the Managing Director of Ebony Agro Industries Ltd., secured a loan facility from the bank for the purchase and production of polished rice.
However, they allegedly failed to meet their repayment obligations, and all attempts to recover the outstanding loan proved unsuccessful.
The statement read, “Investigations revealed that Ugwuh and Ekenma, Managing Director, Ebony Agro Industries Ltd., allegedly obtained a loan facility from the bank for the purchase and production of polished rice.
“However, the suspect, according to the petitioner, failed to meet 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.”
The EFCC statement assured that the suspects would face charges in court once investigations were concluded.
It is noted that this is not the first time Charles Ugwu has faced controversy, as he was elected chairman of the Peoples Democratic Party in Imo State in 2020 but was later suspended over allegations of misconduct.
