EFCC Apprehends Former Minister Over Alleged N3.6 Billion Fraud

The Economic and Financial Crimes Commission (EFCC) has detained Charles Ugwuh, a former Minister of Commerce and Industry, on charges of conspiracy and fraud amounting to N3.6 billion.

EFCC spokesperson Dele Oyewale confirmed the arrest of Ugwuh and Chief Geoffrey Ekenma on January 11 in New Owerri, Imo State. Ugwuh, an engineer and industrialist, previously served as the President of the Manufacturers Association of Nigeria (MAN) and held the position of Minister of Commerce and Industry from July 2007 to October 2008.

Oyewale disclosed that the arrest followed a petition from a new generation bank regarding alleged fraudulent activities connected to Ebony Agro Industries Ltd., a company linked to the ex-minister.

Investigations revealed that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., had obtained a loan facility from the bank for the purchase and production of polished rice. The suspects allegedly failed to fulfill their obligations to the bank, leading to the petition.

“The petitioner reported that despite numerous attempts to recover the loan facility, the suspects consistently evaded repayment,” stated Oyewale.

The EFCC spokesperson further noted that the suspects would face charges in court once the investigations were concluded.