The Economic and Financial Crimes Commission, EFCC, has arrested Charles Ugwu, chairman of the Imo state chapter of the Peoples’ Democratic Party, PDP, over a N3.6 billion loan granted Ebony Agro Industries Ltd., a company linked to the former minister.
Ugwu was arrested alongside one Chief Geoffrey Ekenma, Managing Director of Ebony Agro Industries Ltd., on January 11 in New Owerri, Imo State.
According to the EFCC spokesperson, Dele Oyewale, the arrest followed a petition from a new generation bank against Ugwu, an engineer and industrialist who served as President of the Manufacturers Association of Nigeria, MAN, was accused of obtaining the loan facility from the bank to purchase and produce polished rice through Ebony Agro Industries Ltd.
However, the petitioner claimed that Ugwu and Ekenma failed to meet their obligations to the bank.
Efforts to have them repay the loan were reportedly unsuccessful, leading to the involvement of the EFCC.
Oyewale stated that investigations revealed the alleged financial improprieties and the suspects would be charged arraigned as soon as the investigative process was concluded.
