Charles Chukwuemeka Ugwuh, a former minister of commerce and industry, has been detained by the Economic and Financial Crimes Commission (EFCC) on charges of conspiratorial lending fraud totaling around N3.6 billion.

In a statement, the commission's head of media and publicity, Dele Oyewale, said that the former minister and Chief Geoffrey Ekenma were taken into custody on January 11, 2024, at No. 2, Musa Yar Adua Way, New Owerri, Imo State.

The arrest of the two suspects was said to have 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.

The statement said: “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. The suspects would be charged to court as soon as investigations are concluded.”

“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.

This is not fraud if all he did was obtain a loan facility. Was his application not secured by a collateral of some sort?

Ugwuh must be in his 80s now. Why is the EFCC wasting valuable time and resources when the bank can simply go after his assets via other means?

@Matrixliveng, please include a source.

Ok

Good

DaddyJapan:


This is not fraud if all he did was obtain a loan facility. Was his application not secured by a collateral of some sort?

Ugwuh must be in his 80s now. Why is the EFCC wasting valuable time and resources when the bank can simply go after his assets via other means?

@Matrixliveng, please include a source.

Go and hold counsel for him since you already know every detail concerning the loan.

Has it occured to you that the collateral put in place for the loan might be the issue leading to the bank petitioning the EFCC?

The case is termed fraud for a reason and it may most likely be securing a loan using fraudulent means.


Stop defending rubbish.

DomPerignon:



Go and hold counsel for him since you already know every detail concerning the loan.

Has it occured to you that the collateral put in place for the loan might be the issue leading to the bank petitioning the EFCC?

The case is termed fraud for a reason and it may most likely be securing a loan using fraudulent means.


Stop defending rubbish.

Since I only reacted to the information provided in the article, just as you have done, you can go sling your hook.

“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.

I have been around long enough to see the EFCC being used as a hound-dog, admittedly, by victims looking to apply pressure for a cheap win - in order to know my assumptions are not completely without foundation. Anyone in doubt simply needs to look at that organisation's poor track record with respect to securing convictions in our courts.

DomPerignon:



Go and hold counsel for him since you already know every detail concerning the loan.

Has it occured to you that the collateral put in place for the loan might be the issue leading to the bank petitioning the EFCC?

The case is termed fraud for a reason and it may most likely be securing a loan using fraudulent means.


Stop defending rubbish.

Did the bank nor verify the collateral before releasing the said loan..!!

Either way I don't see any fraud here...its a pure civil case and the bank should go after the collateral as stated akd stop disturbing the man.!!


Most of them bank give paddy paddy loan and always back fires...!!