EFCC ARRESTS ABUJA BUSINESSMAN OVER ALLEGED $120M FRAUD AGAINST UKRAINIAN INVESTOR

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By Aishat Momoh. O.

The Economic and Financial Crimes Commission has arrested an Abuja-based businessman, Innocent Ezuma, 57, over allegations of defrauding a Ukrainian investor of more than $120 million.

Ezuma was reportedly arrested at his residence in Abuja on Monday, October 19, 2026, and remained in the commission’s custody as of Tuesday.

The EFCC spokesperson, Dele Oyewale, confirmed the arrest to our correspondent on Tuesday but declined to provide further details.

Sources familiar with the investigation said the businessman was being investigated for alleged advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.

One of the sources alleged that Ezuma obtained millions of dollars from a Ukrainian investor between 2007 and 2015 for mineral exploration and power projects that were never delivered.

The source claimed that the funds were diverted for personal use, adding that investigators were examining transfers worth billions of naira to companies and individuals allegedly linked to the businessman, including his children.

Another source said the commission was expanding its investigation and seeking information from members of the public and Ezuma’s former associates.

The source added that the allegations extended to the businessman’s previous business dealings in Ukraine and Nigeria.

“In the mid-2000s, he allegedly persuaded two Ukrainian businessmen to finance the privatisation of Jos Steel Rolling Mill in Plateau State before taking exclusive control of the facility, stripping it of assets and abandoning hundreds of workers without wages,” the source said.

Ezuma was also accused of shooting and seriously injuring one of his business partners during a confrontation in Ukraine on April 28, 2008, before allegedly fleeing to Nigeria, according to the source.

Oyewale reiterated that the commission arrested Ezuma at his Abuja residence on Monday but declined to comment further on the investigation.

The allegations are yet to be established in court.