EFCC arrests ex-industry minister, Charles Ugwuh, for alleged N3.6bn fraud

The Economic and Financial Crimes Commission (EFCC) has arrested a former Minister of Commerce and Industry, Charles Ugwuh, over an alleged N3.6 billion.

The EFCC’s Head of Media and Publicity, Dele Oyewale, told journalists on Monday in Abuja that Ugwuh was arrested alongside Chief Geoffrey Ekenma in New Owerri, Imo State, on January 11.

Ugwuh, a former President of Manufacturers Association of Nigeria (MAN), served as Minister of Commerce and Industry from July 2007 to October 2008.

Oyewale said the arrest followed a petition to the commission from a new generation bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Limited, linked to the ex-minister.

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He said: “Investigations revealed that Ugwuh, a former President of Manufacturers Association of Nigeria (MAN) and Ekenma, Managing Director, Ebony Agro Industries Limited, allegedly obtained a loan facility from the bank for the purchase and production of polished rice.

“However, the suspects, 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.”

Oyewale said that the suspects would be charged to court at the end of investigations.

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