Operatives from the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) have apprehended Charles Chukwuemeka Ugwu, a former Minister of Commerce and Industry, and Chief Geoffrey Ekenma, over an alleged conspiracy and fraud amounting to N3.6 billion.
The arrest took place at No.2, Musa Yar Adua Way, New Owerri, Imo State, following a petition submitted to the Commission by a new generation bank regarding fraudulent activities associated with the company Ebony Agro Industries Ltd., linked to the former Minister.
According to investigations, Ugwu and Ekenma, the Managing Director of Ebony Agro Industries Ltd., purportedly secured a loan from the bank intended for the purchase and production of polished rice. Regrettably, the petitioner claimed that Ugwu failed to fulfill his obligations to the bank, and all attempts to recover the outstanding loan were unsuccessful.
In a statement released by EFCC spokesman Dele Oyewale, it was announced that the suspects would face charges in court as soon as the ongoing investigations are concluded.
