The EFCC says its operatives have arrested Charles Ugwuh, a former minister of commerce and industry, over an alleged conspiracy and fraud amounting to N3.6 billion.

In a statement released on Monday, Dele Oyewale, EFCC head of media and publicity, said Ugwuh was arrested alongside one Geoffrey Ekenma on January 11th, 2024.

He said the arrest followed a petition to the commission from a new generation bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., linked to the ex-minister.

“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,” the statement reads.

“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.