The Economic and Financial Crimes Commission (EFCC) has reported the apprehension of ex-Minister Charles Chukwuemeka Ugwuh in Lagos for his alleged involvement in a N3.6 billion conspiracy and fraud within the Commerce and Industry sector.
Dele Oyewale, the Head of Media and Publicity for the EFCC, revealed on Monday that the arrest of Charles Chukwuemeka Ugwuh and Chief Geoffrey Ekenma occurred on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
The arrest followed a petition submitted by a new generation bank to the Commission, outlining purported fraudulent activities involving Ebony Agro Industries Ltd., a company linked to the former Minister.
The statement said:
“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 Economic and Financial Crimes Commission (EFCC) has stated that the suspects will face charges in court once investigations are concluded.
What you should know:
Charles Ugwuh, formerly the president of the Manufacturers’ Association of Nigeria (MAN) and a participant in the Peoples Democratic Party (PDP) primaries for the Imo State governor in the April 2007 elections, where he ultimately lost. However, he was appointed Minister for Commerce & Industry in 2007 by the late President Umaru Yar’Adua.
In September 2007, Ugwuh led a Nigerian delegation to China for a “Nigeria-China Business and Investment Forum,” highlighting the growing investment from China and expressing optimism for enhanced economic and trade cooperation.
Notably, on October 29, 2008, President Umaru Yar’Adua dismissed 20 members of his cabinet, including Charles Ugwuh. The EFCC has indicated that legal action will follow as soon as investigations are completed.
