Alleged Fraud: EFCC Nabs Ex-Minister Charles Ugwu
By Matthew Eloyi
Former Minister of Commerce and Industry, Charles Ugwu, has been apprehended by the Economic and Financial Crimes Commission (EFCC) on charges of 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 EFCC, in a statement released by its Head of Media and Publicity, Dele Oyewale, announced the arrest of Ugwu alongside Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
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The arrest came in response to a petition from a new generation bank, alleging fraudulent activities tied to the ex-minister’s connection with Ebony Agro Industries Ltd., a company at the centre of the controversy.
The statement revealed, “Investigations unveiled that Ugwuh and Ekenma, Managing Director of Ebony Agro Industries Ltd., secured a loan from the bank for the purchase and production of polished rice. However, the petitioner alleges that the suspects failed to fulfil their obligations, and all attempts to secure repayment proved futile. The suspects will face charges in court once investigations are complete.”