N3.6bn Loan Fraud: EFCC Arrest Ex-Minister Of Commerce, Industry, One Other

The Economic and Financial Crimes Commission (EFCC) has apprehended the former Minister of Commerce and Industry, Charles Ugwu, in connection with an alleged conspiracy and loan fraud amounting to N3.6 billion.

The EFCC arrested Ugwu alongside Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State, in connection with a petition filed by one of the new generation banks.

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Dele Oyewale, the Head of Media and Publicity of the Commission, disclosed in a statement on Monday that investigations revealed Ugwu and Ekenma, the Managing Director of Ebony Agro Industries Ltd., purportedly obtained a loan facility from the bank for the purchase and production of polished rice.

The petitioner alleged that the former minister failed to meet his obligations, and all attempts to secure repayment proved futile.

Oyewale stated: “The suspects would be charged to court as soon as investigations are concluded.” The arrest sheds light on the misuse of financial resources and the ramifications it holds for individuals entrusted with public responsibilities.

It is noteworthy that Ugwu, who served as minister under late President Umaru Yar’Adua, was dismissed during a cabinet reshuffle that affected 19 other ministers.

His subsequent political journey saw him elected chairman of the Peoples Democratic Party in Imo State in 2020. However, three years later, he faced suspension over alleged misconduct.

The EFCC’s action underscores the commitment to addressing financial impropriety and serves as a stark reminder of the responsibility that public figures bear.

As the investigation unfolds, the public awaits further details on the alleged fraudulent activities that have led to this high-profile arrest.