Home News EFCC Arrests Ex-Minister, Charles Ugwuh, One Other for Alleged N3.6bn Fraud
News

EFCC Arrests Ex-Minister, Charles Ugwuh, One Other for Alleged N3.6bn Fraud

Share
former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh,
Share

Operatives of the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, have arrested a former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, for an alleged conspiracy and fraud to the tune of N3.6bn.

Ugwuh was arrested alongside Chief Geoffrey Ekenma on January 11, 2024, 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.

Read Also: EFCC Arraigns Olu Agunloye For $6billion Fraud

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.

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

UN Representative Calls For More Women In Global Geopolitics

The Chairperson of the 12th anniversary Lecture of Realnews Magazine, Beatrice Eyong,...

Lagos Budgets N3 trillion For 2025 Budget, Says Budget Targets Growth In Tourism Economic Affairs Sectors

Tourism and creative sector is about to take a huge leap forward...

Senate Approves Tinubu’s Fresh $2.2bn Loan Request

The Senate, on Thursday, approved the $2.2 billion fresh loan request by...

We Shall Continue To Prioritise Social Investment Programmes, Tinubu Tells IMF

President Bola Tinubu has assured that his administration will continue prioritising the...