Mr. Udenwa, as a state co-ordinator for The Presidential Campaign Organisation in Imo State, was said to have collected N350million from the former former Minister of Finance, Nenadi Usman. The suspect, in his statement to the commission admitted receiving the money via Diamond Bank account No.0058805692 and 005950791 respectively on the 14th and 28th of January 2015 in three separate installments.
He added that the money came from a company named Joint Trust Dimension Limited. This same company was charged alongside Mrs Nenadi Usman and the Media Director of the PDP Presidential Campaign Organisation, Femi Fani-Kayode before a Federal High Court, Lagos, on a similar allegation.
Investigation by the EFCC however revealed that Mr. Udenwa and Viola Onwuliri, a former Minister of State for Foreign Affairs, who was his deputy at the Presidential Campaign Organization, were the two signatories to the Diamond Bank account that received the money.
Upon his arrest, Mr. Udenwa was immediately granted administrative bail by the commission with condition that he should be reporting to the commission at an appointed time.
But while enjoying his administrative bail, Mr. Udenwa chose to deliberately skip reporting, thereby compelling the commission to revoke his administrative bail pending his arraignment soon.
Mr. Udenwa was governor of Imo State on the platform of the Peoples Democratic Party between 1999 and 2007.