The Economic and Financial Crimes Commission (EFCC) has arrested Abuja-based businessman Innocent Ezuma over allegations that he defrauded a Ukrainian investor of more than $120 million in a scheme spanning several years.

Ezuma, 57, was arrested at his residence in Abuja on Monday, October 19, 2026, and remained in the commission’s custody as investigations continued.

EFCC spokesperson Dele Oyewale confirmed the arrest, while reports indicate that the case involves alleged advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.

Investor’s Funds Allegedly Diverted

According to allegations being investigated by the EFCC, Ezuma collected tens of millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects.

The projects were allegedly not delivered, while the funds were reportedly diverted for personal use.

Investigators are also examining transfers involving billions of naira to companies and individuals linked to the businessman, including members of his family.

One company allegedly controlled by his 28-year-old son reportedly received ₦1.365 billion in purported loans between February and April 2025, despite recording no revenue.

Investigators also reportedly identified a transfer of ₦953 million in July 2025, of which only ₦90 million was subsequently returned.

Other transactions under scrutiny include payments ranging from ₦48 million to ₦50 million to the businessman’s 26-year-old daughter, as well as transfers to a relative and a business associate. Investigators reportedly found no identifiable legitimate business purpose for the payments.

Jos Steel Rolling Mill Deal Under Scrutiny

The allegations also concern Ezuma’s earlier business dealings in Nigeria, including a transaction involving the Jos Steel Rolling Mill in Plateau State.

According to information cited in media reports, Ezuma allegedly persuaded two Ukrainian businessmen in the mid-2000s to provide financing for the privatisation of the steel plant before taking exclusive control of the facility.

He was subsequently accused of stripping the plant of its assets and leaving hundreds of workers without their wages.

The allegations form part of a broader examination of his business activities in Nigeria and Ukraine.

Previous Ukraine Business Dealings Examined

Investigators are also examining allegations linked to the businessman’s dealings with a Russian state-owned enterprise involving mineral exploitation and energy projects.

Reports further indicate that the Ukrainian investor suffered substantial asset losses following Russia’s invasion of Ukraine in 2022.

The case documents reportedly allege that Ezuma remained in Nigeria despite an Interpol Red Notice. The circumstances surrounding the notice and its connection to the current investigation have not been fully detailed in the EFCC’s public statement.

EFCC Investigation Continues

The commission’s investigation reportedly involves cooperation with international investigators and information supplied by whistleblowers within the businessman’s organisation.

The EFCC is also seeking information from members of the public and former associates who may have knowledge of the transactions under investigation.

As of the latest reports, the commission had not announced any formal court proceedings against Ezuma.

The allegations remain under investigation and have not been established in court.