EFCC ARRESTS ABUJA BUSINESSMAN OVER ALLEGED $120M FRAUD
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By ‘Balogun Ibrahim
The Economic and Financial Crimes Commission (EFCC) has arrested a 57-year-old Abuja-based businessman over allegations that he defrauded a Ukrainian investor of more than $120 million in a scheme that allegedly spanned nearly two decades.
EFCC spokesperson, Dele Oyewale, confirmed the arrest, stating that the suspect was apprehended in Abuja on Monday, October 19, and remains in the commission’s custody.
The businessman is being investigated over allegations of advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
According to the EFCC, the arrest followed collaboration with international investigators and information provided by whistleblowers within the suspect’s organisation.
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The commission alleged that the businessman received tens of millions of dollars from the Ukrainian investor between 2007 and 2015 to fund mineral exploration and power projects that were never executed.
The funds were allegedly diverted for personal use instead of being applied to the intended projects.
Investigators also reportedly traced billions of naira in transfers to companies and individuals linked to the suspect, including members of his family.
One company allegedly controlled by the businessman’s 28-year-old son was identified as a possible channel for laundering funds. The company reportedly received ₦1.365 billion in purported loans between February and April 2025, despite recording no revenue during the period.
Investigators further alleged that ₦953 million was transferred to the company in July 2025, of which only ₦90 million was subsequently returned.
The probe also uncovered transfers ranging from ₦48 million to ₦50 million to the suspect’s 26-year-old daughter, as well as payments to a relative and business associate. The EFCC reportedly said the transactions had no identifiable legitimate business purpose.
The investigation extends to the businessman’s previous dealings in Ukraine and Nigeria.
In the mid-2000s, he allegedly persuaded two Ukrainian businessmen to finance the privatisation of a steel company in Plateau State before taking exclusive control of the facility.
He was accused of stripping the facility of its assets and abandoning hundreds of workers without paying their wages.
Investigators also alleged that the businessman later entered into business arrangements with a Russian state-owned enterprise involving mineral exploitation and energy projects.
The Ukrainian investor reportedly suffered significant asset losses following Russia’s invasion of Ukraine in 2022.
Case documents further allege that the suspect remained in Nigeria despite an Interpol Red Notice.
The EFCC has yet to announce the outcome of its investigation or confirm whether formal court proceedings have commenced against the businessman.
The arrest represents a new development in a case involving alleged international financial fraud, suspected money laundering and disputed investments in the mining and energy sectors.
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