Former Minister Charles Ugwuh Arrested for N3.6bn Loan Fraud

Taiwo Ajayi
1 Min Read
Charles Ugwuh

The Economic and Financial Crimes Commission (EFCC) has apprehended ex-Minister of Commerce and Industry, Charles Ugwuh, along with Chief Geoffrey Ekenma, for an alleged N3.6 billion conspiracy and loan fraud.

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The arrest occurred on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State, based on a petition from a new generation bank.

Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., allegedly obtained a loan for polished rice production but failed to meet repayment obligations. The suspects are to be charged as investigations conclude, according to EFCC Head of Media and Publicity, Dele Oyewale.

Source: Punch Newspaper

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