The Economic and Financial Crimes Commission (EFCC) announced Ugwuh’s arrest in a statement yesterday, saying he was arrested alongside Chief Geoffrey Ekenma on January 11, 2024, at No 2, Musa Yar Adua Way, New Owerri, Imo State.

Ugwuh was appointed minister by the late President Umaru Yar’Adua. He was sacked along with 19 others when the late ex-president reshuffled his cabinet.

In the statement signed by the Head of Media and Publicity of the commission, Dele Oyewale, the anti-graft agency said Ugwuh’s arrest followed a petition by 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, but failed to meet his obligations to the bank, and all efforts to get him to repay the loan facility proved abortive.

The EFCC said the suspects would be charged to court as soon as investigations are concluded.