Former Nigerian Minister and Associate Arrested Over N3.6bn Fraud Allegations

The Economic and Financial Crimes Commission (EFCC) has made a significant arrest, taking into custody the former Minister of Commerce and Industry, Charles Ugwuh, and Chief Geoffrey Ekenma. They are being held in connection with an alleged conspiracy and fraud totalling N3.6 billion.

EFCC Spokesperson, Dele Oyewale, revealed that the arrests, which occurred on January 11 in New Owerri, Imo, stem from a petition filed by a new generation bank regarding fraudulent activities linked to a company named Ebony Agro Industries Ltd. This company has ties to the ex-minister.

According to Oyewale, investigations exposed that Ugwuh, a former President of the Manufacturers Association of Nigeria (MAN), and Ekenma, the Managing Director of Ebony Agro Industries Ltd., purportedly secured a loan from the bank for the purchase and production of polished rice. However, they allegedly reneged on their repayment obligations, prompting the petition and subsequent arrests.

The suspects are expected to face legal proceedings once the EFCC concludes its investigations.

The unfolding events serve as a reminder of the ongoing efforts to combat financial malpractice in Nigeria and the EFCC’s commitment to upholding transparency and accountability at all levels of society.