The Economic and Financial Crimes Commission has taken former Minister of Commerce and Industry, Charles Ugwu, into custody, alongside Chief Geoffrey Ekenma, for their alleged involvement in a N3.6 billion loan fraud.
The arrest, made on January 11, 2024, in New Owerri, Imo State, stems from a petition filed by a new generation bank regarding fraudulent activities connected to Ebony Agro Industries Ltd., a company linked to the ex-minister.
According to the Head of Media and Publicity for the EFCC, Dele Oyewale, the investigation revealed that Ugwuh and Ekenma, Managing Director of Ebony Agro Industries Ltd., secured a loan facility for the purchase and production of polished rice. However, the former minister reportedly defaulted on his obligations to the bank, and efforts to recover the outstanding loan were unfruitful.
Oyewale stated, “The suspects would be charged to court as soon as investigations are concluded.”
Charles Ugwu, appointed minister during the tenure of late President Umaru Yar’Adua, faced dismissal following a cabinet reshuffle that affected 19 other ministers.
In 2020, Ugwu assumed the role of Chairman of the Peoples Democratic Party (PDP) in Imo State.
His return as chairman was unopposed, but three years later, he faced suspension over alleged misconduct.
