Operatives of the Economic and Financial Crimes Commission have arrested a former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh and one Chief Geoffrey Ekenma for an alleged conspiracy and fraud to the tune of N3.6bn.

The Minister and Ekenma were arrested by operatives of Lagos Zonal Command of EFCC on January 11, 2024 at No.2, Musa Yar Adua way, New Owerri, Imo State.

Charles Ugwuh and Ekenma were arrested following a petition to the EFCC from a new generation bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., linked to the ex-Minister, Dele Oyewale, the spokesperson for the anti-graft agency said in a statement on Monday

“Investigations revealed that Ugwuh and Ekenma, Managing Director, Ebony Agro Industries Ltd., allegedly obtained a loan facility from the bank for the purchase and production of polished rice.

“However, the suspect, according to the petitioner, failed to meet up his obligations to the bank and all efforts to get him to repay the loan facility proved abortive,” he said.

EFCC said the suspects would be charged to court as soon as investigations are concluded.