The Economic and Financial Crimes Commission has arrested an Abuja-based businessman, Innocent Ezuma, over allegations that he defrauded a Ukrainian investor of more than $120 million.
According to The PUNCH, the 57-year-old businessman was arrested at his residence in Abuja on Monday, October 19, 2026, and remained in the commission’s custody as of Tuesday.
EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide further details about the investigation.
EFCC investigates alleged $120m investment fraud
Sources familiar with the investigation alleged that Ezuma obtained millions of dollars from a Ukrainian investor between 2007 and 2015 to finance mineral exploration and electricity projects in Nigeria.
The sources claimed that the projects were never delivered and that substantial portions of the funds were diverted for personal use.
Investigators are reportedly examining financial transfers worth billions of naira to companies and individuals allegedly connected to the businessman, including his children.
Ezuma is being investigated over allegations of advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
A source disclosed that the commission was expanding its investigation and seeking additional information from individuals familiar with the transactions.
Businessman linked to Jos Steel Rolling Mill allegations
The investigation reportedly extends to Ezuma’s previous business dealings in Nigeria and Ukraine.
One source alleged that the businessman persuaded two Ukrainian investors to finance the privatisation of Jos Steel Rolling Mill in Plateau State before taking control of the facility.
“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.
The source further alleged that Ezuma was involved in a violent confrontation with a business partner in Ukraine on April 28, 2008.
According to the allegation, the businessman shot and seriously injured the partner before fleeing to Nigeria.
These claims have not been independently established in court.
EFCC confirms arrest, continues investigation
When contacted, EFCC spokesperson Dele Oyewale confirmed that the commission arrested Ezuma at his Abuja residence.
However, he declined to disclose further information about the allegations or the progress of the investigation.
The agency is reportedly examining financial records and other evidence connected to the transactions.
As of the report, the EFCC had not announced formal charges against the businessman.
Ezuma remains under investigation, and the allegations against him have not been proven in court.
