EFCC arrests ex-minister,Charles Ugwu for alleged N3.6b loan fraud

The Economic and Financial Crimes Commission (EFCC) has apprehended Charles Ugwu, a former Minister of Commerce and Industry, on charges of conspiracy and loan fraud amounting to N3.6 billion.

Ugwu, who served as a minister under the late President Umaru Yar’Adua, was dismissed following a cabinet reshuffle that affected 19 other ministers.

According to a statement by the commission’s Head of Media and Publicity, Dele Oyewale, the arrest occurred on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State, where Ugwu was taken into custody alongside Chief Geoffrey Ekenma.

The arrest stemmed from a petition received by the commission from a new generation bank, alleging fraud carried out through a company, Ebony Agro Industries Ltd., connected to the former minister.

The statement disclosed, “Investigations revealed that Ugwu and Ekenma, Managing Director of Ebony Agro Industries Ltd., purportedly secured a loan from the bank for the purchase and production of polished rice. However, the petitioner claims that Ugwu failed to fulfill his obligations to the bank, and attempts to recover the loan proved futile. The suspects will face court charges once investigations are concluded.”

In 2020, Ugwu assumed the position of chairman of the Peoples Democratic Party in Imo State, running unopposed after other aspirants from the Okigwe zone withdrew their candidacy in his favor. However, three years into his tenure, he faced suspension due to alleged misconduct.