The Economic and Financial Crimes Commission (EFCC) has apprehended Charles Ugwu, a former Minister of Commerce and Industry, for alleged conspiracy and loan fraud amounting to N3.6 billion. Ugwu, who served as a minister under late President Umaru Yar’Adua, was dismissed following a cabinet reshuffle.
The arrest, conducted in collaboration with Chief Geoffrey Ekenma, took place on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State. The action followed a petition from a new generation bank regarding an alleged fraud involving a company, Ebony Agro Industries Ltd., associated with the ex-minister.
Investigations revealed that Ugwu and Ekenma, the Managing Director of Ebony Agro Industries Ltd., obtained a loan facility from the bank for the purchase and production of polished rice. However, the suspects allegedly failed to meet their obligations, and attempts to secure repayment proved unsuccessful.
Once the investigations are concluded, the suspects are expected to face charges in court. Charles Ugwu, who was elected chairman of the Peoples Democratic Party in Imo State in 2020, faced suspension three years later over alleged misconduct.
