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Alleged N3.6bn Fraud: EFCC Arrests Ex-Minister Charles Ugwuh

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

In a statement on Monday, the EFCC said Ugwuh was arrested alongside Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.

The arrest of the former minister followed a petition to the EFCC 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 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,” the EFCC said in the statement.

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