The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based businessman, Innocent Ezuma, 57, over allegations that he defrauded a Ukrainian investor of more than $120m.
Ezuma was reportedly arrested at his residence in Abuja on Monday, October 19, and remained in the commission’s custody as of Tuesday.
The EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined to provide further details about the investigation.
According to sources familiar with the case, the businessman is 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 received millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were never executed.
The funds were allegedly diverted for personal use, while investigators are examining financial transfers involving companies and individuals linked to the businessman, including members of his family.
The commission is also seeking information from members of the public and Ezuma’s former associates as its investigation continues.
The allegations reportedly extend to the businessman’s previous business dealings in Nigeria and Ukraine.
In the mid-2000s, Ezuma allegedly persuaded two Ukrainian businessmen to finance the privatisation of Jos Steel Rolling Mill in Plateau State before taking exclusive control of the facility.
He was further accused of stripping the plant of its assets and abandoning hundreds of workers without paying their wages.
Another allegation concerns an incident in Ukraine on April 28, 2008, during which Ezuma was accused of shooting and seriously injuring one of his business partners before fleeing to Nigeria.
The EFCC has not publicly disclosed further details of the investigation, while the allegations against the businessman remain unproven.
The arrest comes as the commission continues its investigation into the alleged financial dealings involving the Ukrainian investor and the businessman’s business interests in Nigeria and abroad.
