The Economic and Financial Crimes Commission, EFCC, has taken into custody the former Minister of Commerce and Industry, Charles Ugwuh and Chief Geoffrey Ekenma on allegations of fraudulent conversion of N3.6 billion.
They were arrested on January 11, 2024, in Owerri, Imo State after the EFCC received a petition from a new generation bank, alleging fraudulent activities connected to the company a company, Ebony Agro Industries Ltd., owned by the ex-Minister.
Upon thorough investigations, it was discovered that Ugwuh and Ekenma, who serves as the Managing Director of Ebony Agro Industries Ltd., allegedly secured a loan facility from the bank earmarked for the procurement and production of polished rice.
The petitioner alleged that the suspects failed to fulfil their financial obligations to the bank, and despite diligent efforts to endure repayment of the loan facility, all attempts proved futile.
The investigation is underway, and upon its conclusion, the suspects, Ugwuh and Ekenma, will face charges in court.
The EFCC said it remained committed to ensuring a thorough and just resolution to this matter.
