Why Ugwu, Imo PDP Chairman, Was Arrested By EFCC, To Be Arraigned For Prosecution

By Charles Igbo

The State Chairman of the Peoples Democratic Party, PDP, Imo State Chapter, Engr. Charles Ugwu, has been arrested by the Economic and Financial Crimes Commission, EFCC.

Ugwu, a former Minister for Commerce and Industry under the late President Umaru Yar’Adua’s Government, was arrested in Owerri by the anti-graft agency.

Ugwu, an entrepreneur and founder of Rokana Industries, was arrested over an alleged conspiracy and loan fraud to the tune of N3.6 billion.

In a statement issued  by the Head of Media and Publicity of the EFCC, Dele Oyewale, on Monday, he said Engr. Ugwu was arrested alongside Chief Geoffrey Ekenma on January 11, 2024, at No.2, Musa Yar Adua Way, New Owerri, Imo State.

He said the arrest of Ugwu and Ekenma is a consequence of  “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.

EFCC’s statement reads:

“Investigations revealed that Ugwu 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 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.”

Ugwu was elected chairman of the Peoples Democratic Party in Imo State unopposed. He has, recently, been embattled following his suspension from office by a faction of the Party. The National Leadership of the PDP, however, dismissed the suspension as null and void and of no consequence.