By Akinsuroju Olubunmi
EFCC nabs Ex-minister over alleged N3.6bn loan fraud
The Economic and Financial Crimes Commission (EFCC) has apprehended Charles Ugwu, a former Minister of Commerce and Industry, and Chief Geoffrey Ekenma on charges of conspiracy and loan fraud amounting to N3.6 billion.
Ugwu, appointed by late President Umaru Yar’Adua and later dismissed during a cabinet reshuffle, was taken into custody alongside Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.
As per Dele Oyewale, the Head of Media and Publicity of the EFCC, the arrests followed a petition from a new generation bank, detailing the alleged fraud involving Ebony Agro Industries Ltd., a company linked to the ex-minister.
Investigations disclosed that Ugwuh and Ekenma, the Managing Director of Ebony Agro Industries Ltd., purportedly secured a loan for the production of polished rice but failed to meet repayment obligations. Despite futile attempts to recover the loan, the suspects are now set to face charges once investigations conclude.
In 2020, Ugwu, formerly the chairman of the Peoples Democratic Party in Imo State, faced suspension over alleged misconduct three years after his election.
EFCC, loan fraud