Operatives from the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) have taken into custody the former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, and Chief Geoffrey Ekenma for their alleged involvement in a conspiracy and fraud amounting to N3.6 billion.
Ugwuh and Ekenma were reportedly arrested on January 11, 2024, at No. 2, Musa Yar Adua Way, New Owerri, Imo State.
Their arrest followed a petition submitted to the Commission by a bank, in which it outlined purported fraudulent activities connected to the company – Ebony Agro Industries Limited – with ties to the ex-minister.
Upon thorough investigations, it was discovered that Ugwuh and Ekenma, who serves as the Managing Director of Ebony Agro Industries Ltd., allegedly secured a loan facility from the bank earmarked for the procurement and production of polished rice.
Regrettably, the petitioner alleged that the suspects failed to fulfill their financial obligations to the bank, and despite diligent efforts to prompt repayment of the loan facility, all attempts proved futile.
Reports said the investigative process is ongoing, and upon its conclusion, the duo will face charges in court.
The EFCC said it remains committed to ensuring a thorough and just resolution to the matter.
