EFCC arrests former Minister over alleged N3.6bn fraud
Operatives of the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) have arrested a former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, for alleged conspiracy and fraud to the tune of N3.6bn.
In a statement released on Monday, the EFCC said Ugwuh was arrested alongside Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The arrest was carried out 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 Commission stated that the suspects would be charged to court as soon as investigations were concluded.
📢 Follow National Periscope on WhatsApp
Get breaking news and updates directly on WhatsApp.
Join WhatsApp ChannelPost Disclaimer
All rights reserved. This material and other digital content on this website are not and do not represent the stance of National Periscope but the statements of newsmakers mentioned therein.
For your detailed news reportage... contact the Editor at Joel2oladele@gmail.com
ICPC Denies Holding Amnesty International Workers Hostage JOEL OLADELE, Abuja Read more
EFCC Makes Single Largest Asset Recovery In 21 Years Justice Read more
Bobrisky finally jets out of Nigeria amid legal tussle Controversial Read more
EFCC Arrests Ex-NNPCL Top Official for Alleged $7.2bn Fraud [caption Read more