HomeNewsEFCC to Arraign Ex-Minister Over Unpaid N3.6bn Loan

EFCC to Arraign Ex-Minister Over Unpaid N3.6bn Loan

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The Economic and Financial Crimes Commission has arrested a former Minister of Commerce and Industry, Charles Ugwu, for alleged conspiracy and loan fraud to the tune of N3.6bn.

The spokesperson for the EFCC, Dele Oyewale, in a statement on Monday, said the ex-minister was arrested alongside one Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State, following a petition received from a new generation bank.

Ugwu was appointed minister by the late President Umaru Yar’Adua and was sacked after a cabinet reshuffle that affected 19 members of the cabinet.

Revealing details of his arrest on Monday, the EFCC spokesman said the petitioner accused the ex-minister of failing to meet his obligations to the bank, adding that all efforts to get him to repay the loan facility proved abortive.

Oyewale said, “Operatives of the Lagos Zonal Command of the EFCC have arrested a former Minister of Commerce and Industry, Charles Ugwuh, for an alleged conspiracy and fraud to the tune of N3.6bn.

“Ugwuh was arrested alongside 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.

“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 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.”

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