Former Minister Charles Ugwu in EFCC net over alleged conspiracy, loan fraud

A former Minister of Commerce and Industry in the federal republic of Nigeria Mr. Charles Chukwuemeka Ugwu has been arrested by the Economic and Financial Crimes Commission (EFCC)for alleged conspiracy and loan fraud of about N3.6 billion. Operatives of the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, said they arrested the former Minister of Commerce and Industry, for an alleged conspiracy and fraud. A statement by EFCC’s Spokesman, Mr. Dele Oyewale and made available to Vanguard on Monday, said Ugwuh was arrested alongside Chief Geoffrey Ekenma  at No.2, Musa Yar Adua way, New Owerri, Imo State, following a petition to the Commission from a new generation bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., linked to the ex-Minister. 

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 up 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,” EFCC said on Monday.