The Economic and Financial Crimes Commission (EFCC) 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. EFCC spokesperson Dele Oyewale confirmed the arrest but declined to disclose further details about the investigation.
According to reports, investigators are probing allegations of advance fee fraud, criminal breach of trust, obtaining money under false pretences, theft and money laundering.
Sources familiar with the investigation 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 completed. The funds were allegedly diverted for personal use.
Investigators are also examining billions of naira reportedly transferred to companies and individuals linked to the businessman, including his children. One company allegedly controlled by his 28-year-old son reportedly received ₦1.365 billion between February and April 2025 in purported loans, despite recording no revenue.
Further allegations indicate that the company received another ₦953 million in July 2025, of which only ₦90 million was reportedly returned. Investigators are also examining transfers ranging from ₦48 million to ₦50 million to the businessman’s 26-year-old daughter and other associates, which sources said had no identifiable legitimate business purpose.
The investigation also extends to Ezuma’s previous business dealings involving the Jos Steel Rolling Mill in Plateau State. Sources alleged that he persuaded two Ukrainian businessmen to finance the privatisation of the facility in the mid-2000s before taking exclusive control, stripping it of assets and leaving hundreds of workers without their wages.
He was further accused of shooting and seriously injuring a business partner during a confrontation in Ukraine on April 28, 2008, before returning to Nigeria. These allegations have not been established in court.
The EFCC is reportedly expanding its investigation and seeking information from the businessman’s former associates and members of the public as it traces the movement of the funds.
As of the latest reports, the commission had confirmed Ezuma’s arrest, but no outcome of the investigation or formal court proceedings had been announced. The allegations remain unproven, and the businessman is presumed innocent unless found guilty by a court of law.
