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The Economic and Financial Crimes Commission (EFCC) has confirmed the arrest of Chief Charles Ugwu, the chairman of the Peoples Democratic Party (PDP) in Imo state.
Ugwu who is a former Minister of Commerce and Industry, faces allegations of conspiracy and fraud amounting to N3.6 billion.
The Eastern Updates reports that the arrest, which happened yesterday in New Owerri, Imo State, also included one Chief Geoffrey Ekenma.
According to the EFCC spokesperson, Dele Oyewale, the arrest follows a petition from a new generation bank regarding alleged fraudulent activities connected to Ebony Agro Industries Ltd., a company linked to the former minister.
Read Also: ₦4.8bn Fraud: EFCC Asks Court To Dismiss Ibeto’s Appeal
Ugwu, an engineer and industrialist who served as the President of the Manufacturers Association of Nigeria (MAN), is accused of obtaining a loan facility from the bank to purchase and produce polished rice through Ebony Agro Industries Ltd.
However, the petitioner claimed that Ugwu and Ekenma, the Managing Director of Ebony Agro Industries Ltd., 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 in court as soon as the investigative process was concluded.
In another report, the anti-graft agency has told the Court of Appeal sitting in Lagos to dismiss an appeal filed by the Chairman of Ibeto Energy Development Company, Cletus Ibeto, seeking to nullify the bench warrant issued against him by a Lagos State High Court.
The EFCC told the three man panel of appeal led by Justice Muhammed Mustapha that the lower court has the power to order the arrest of the businessman, notwithstanding that he filed a preliminary objection challenging its jurisdiction to trial him.
The other members of the panel are Justice Folashade Ojo and Justice Abdullahi Mahmud Bayero.
