•••SAYS ENGR. CHARLES UGWUH NOT GUILTY OF FRAUD ALLEGATION
•••N2 BILLION NAIRA PETITION NOT A CASE OF MISAPPROPRIATION AGAINST FIDELITY BANK -EFCC SOURCE
The Principal Partner of Onyeagucha, Chinda and Associates, Mr Uche Onyeagucha has accused Fidelity Bank of misappropriating N2 billion intervention funds.
Onyeagucha, a former member of the House Representatives for Owerri Federal Constituency said in a statement on Sunday “the 2 Billion naira intervention fund released by the CBN through Fidelity bank for Ebony Agro industries Ltd for the purchase of rice paddy and other operational expenses which was misappropriated by Fidelity Bank.”
He dismissed the allegation of N3.6 billion fraud made against Engr Ugwu by Fidelity Bank saying the Economic and Financial Crimes Commission which invited him found nothing against him.
He said that Fidelity Bank had a normal transaction with Ebony Agro industries Ltd of which Engr. Charles Ugwuh is the Chairman with sufficient collateral provided by the company.
He added that Ugwu’s company, Ebony Agro industries Ltd has been writing petitions to the CBN to draw attention to the misappropriation of Two Billion Naira Agro loan with forensic audit reports.
The full statement, “We wish to state that indeed, Engr. Charles Ugwuh was invited by the Economic and Financial Crimes Commission for interrogation in respect of a petition by Fidelity bank.
“The issue was a normal commercial bank transaction between Fidelity Bank and Ebony Agro industries Ltd of which Engr. Charles Ugwuh is the Chairman. The Fidelity Bank transaction is backed by sufficient collateral provided by Ebony Agro industries Ltd.
“After thorough investigation, the Economic and Financial Crimes Commission found out that there was no 3.6 billion naira fraud involving Engr Charles Ugwuh, Chief Geoffrey Ekenma (Managing Director of Ebony Agro industries Ltd) and Ebony Agro industries Ltd.
“There was a 2 Billion naira intervention fund released by the CBN through Fidelity bank for Ebony Agro industries Ltd for the purchase of rice paddy and other operational expenses which was misappropriated by Fidelity Bank.
“Ebony Agro industries Ltd since 2018, has been petitioning against Fidelity Bank to the CBN for the misappropriation of the Two Billion Naira Agro loan with forensic audit reports.
“We wish to state without equivocation that neither Engr. Charles Ugwuh, Chief Geoffrey Ekenma nor Ebony Agro industries Ltd was involved in the alleged fraud.
“We therefore call on the public to disregard the mischievous and malicious allegations against Engr. Charles Ugwuh, Chief Geoffrey Ekenma and Ebony Agro industries Ltd which is aimed at tarnishing their hard earned reputations.”
However, an official of the commission told the Network in confidence that the commission was aware of the N2 billion issue.
The official of the antigravity agency said that it was not case of misappropriation against Fidelity Bank, the source admitted that the money was a grant from the Federal Government and not a loan.
