Former Minister detained by EFCC for suspected N3.6 billion fraud

The Economic and Financial Crimes Commission (EFCC) has apprehended Charles Chukwuemeka Ugwuh, a former Minister of Commerce and Industry, and Geoffrey Ekenma for suspected conspiracy and fraud amounting to N3.6 billion. 

According to the EFCC's statement released on Monday, Ugwuh and Ekenma were arrested on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State. 

The arrest follows a petition from a new generation bank regarding alleged fraudulent activities through a company, Ebony Agro Industries Ltd., associated with the former Minister.

Investigations revealed that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., obtained a loan facility for the production of polished rice but failed to meet repayment obligations, leading to the EFCC's intervention. 

The suspects will face charges in court once investigations are completed.