The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) has made significant breakthrough with the arrest of Charles Chukwuemeka Ugwuh, a former Minister of Commerce and Industry, and Chief Geoffrey Ekenma.

The arrest, made on Monday January 15, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State, is in connection with an alleged conspiracy and fraud amounting to N3.6 billion.

According to investigations, Ugwuh and Ekenma, who served as the Managing Director of Ebony Agro Industries Ltd., reportedly secured a loan facility from the bank for the purpose of purchasing and producing polished rice. However, the petitioner contends that Ugwuh failed to fulfill his obligations to the bank, and attempts to recover the outstanding loan were futile.

As investigations unfold, the EFCC intends to charge the suspects to court once the inquiry process is completed. This development underscores the commission’s commitment to combating financial crimes and holding individuals accountable for their actions. Z

The arrest follows a petition from a new generation bank, detailing the suspected fraudulent activities orchestrated through a company named Ebony Agro Industries Ltd., which is linked to the ex-Minister.

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