The Economic and Financial Crimes Commission (EFCC) says its operatives have arrested Charles Ugwuh, a former minister of commerce and industry, over an alleged conspiracy and fraud amounting to N3.6 billion.

In a statement on Monday, Dele Oyewale, EFCC head of media and publicity, said Ugwuh was arrested alongside one Geoffrey Ekenma on January 11, at No.2, Musa Yar’Adua way, New Owerri, Imo state.

He said the arrest 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.

“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,” the statement reads.

“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.”

In 2007, late President Umaru Musa Yar’Adua appointed Ugwuh as the minister for commerce and industry.

He was sacked by the late president in 2008 in a cabinet reshuffle that affected 19 other ministers.