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 3.6 billion naira.
Ugwuh was arrested alongside the Managing Director of Ebony Agro Industries Limited, Geoffrey Ekenmaon in Imo State following a petition received by the Commission from a new generation Bank on the alleged fraud perpetrated through Ebony Agro Industries Limited linked to the former Minister.
Investigations so far revealed that Ugwuh and Ekenma 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 EFCC says the Suspects would be charged to court as soon as investigations are concluded.
