EFCC nabs ex-Minister, Ugwuh over N3.6bn loan from bank

The Economic and Financial Crimes Commission, EFCC, has arrested a former Minister of Commerce and Industry, Charles Ugwuh, for allegedly obtaining a N3.6billion loan facility from the bank for the purchase and production of polished rice.

He was alleged to have refused to repay the facility, despite repeated efforts.

Ugwuh was arrested alongside Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.

Their arrests followed a petition to the commission from a new generation bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., linked to the ex-Minister.

It was gathered 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.

it was also learned that the suspects would be charged to court as soon as investigations were concluded.

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