The Economic and Financial Crimes Commission (EFCC) has taken former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, into custody over an alleged conspiracy and fraud amounting to N3.6 billion. The arrest, which occurred on January 11, 2024, at No. 2, Musa Yar’Adua Way, New Owerri, Imo State, followed a petition to the Commission from a new generation bank regarding the purported fraud involving a company, Ebony Agro Industries Ltd., associated with the ex-minister.

According to EFCC spokesperson Dele Oyewale, investigations uncovered that Ugwuh and Chief Geoffrey Ekenma, the managing director of Ebony Agro Industries Ltd., secured a loan facility from the bank for the purchase and production of polished rice. However, the suspects allegedly failed to fulfill their obligations to the bank, and all attempts to secure repayment proved unsuccessful.

The petitioner asserted that the suspects would be charged to court once the investigations were concluded. The EFCC’s proactive response to the reported fraud reflects its commitment to addressing financial crimes and ensuring accountability. The alleged involvement of a former minister in such activities underscores the significance of holding public figures accountable for their actions.

The specific details surrounding the conspiracy and fraud are yet to be fully disclosed, but the arrest sends a strong message about the consequences of financial misconduct. The EFCC’s diligence in pursuing this case reinforces the importance of upholding financial integrity and combating corruption within the country.

As the investigations proceed, more insights into the alleged fraudulent activities and the roles played by the arrested individuals are anticipated. The legal proceedings that follow will shed light on the extent of the alleged conspiracy and fraud, ensuring transparency and accountability in addressing financial misconduct within the Nigerian context.