The Economic and Financial Crimes Commission has arrested Abuja-based businessman Innocent Ezuma, 57, over allegations that he defrauded a Ukrainian investor of more than $120m.
EFCC spokesperson Dele Oyewale confirmed Ezuma’s arrest on Tuesday, October 20, after investigators detained him at his residence in Abuja on Monday.
Oyewale confirmed the arrest when contacted by journalists but declined to disclose details of the ongoing investigation.
Sources familiar with the case said 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.
According to one source, the allegations relate to funds allegedly obtained from a Ukrainian investor between 2007 and 2015 for mineral exploration and power projects.
The source alleged that the projects were not delivered and that substantial portions of the funds were subsequently diverted for personal use.
Investigators are also examining financial transfers running into billions of naira involving companies and individuals allegedly connected to Ezuma, including members of his family, the source said.
Another source said the investigation was expanding, with the EFCC seeking information from people who had business dealings with Ezuma and individuals familiar with his previous activities in Nigeria and Ukraine.
The investigation is also said to cover Ezuma’s earlier dealings involving the privatisation of the Jos Steel Rolling Mill in Plateau State.
According to a source, Ezuma allegedly persuaded two Ukrainian businessmen in the mid-2000s to provide funding for the privatisation of the facility.
The source further alleged that Ezuma subsequently took exclusive control of the business, stripped the facility of assets and left hundreds of workers without wages.
The claims have not been independently established, and no charges have been announced against Ezuma in connection with the allegations.
The sources also alleged that Ezuma was involved in a violent incident in Ukraine in April 2008 involving one of his business partners.
According to the allegation, the businessman shot and seriously injured the partner during a confrontation before fleeing Ukraine for Nigeria.
The circumstances surrounding the alleged incident remain subject to investigation and have not been independently verified.
The EFCC has not publicly confirmed the additional allegations concerning Ezuma’s business history or the reported incident in Ukraine.
Oyewale again confirmed that the commission arrested Ezuma at his Abuja residence but declined to provide further information, citing the ongoing nature of the investigation.
The arrest represents another major financial crime investigation for the anti-graft agency, which has continued to pursue cases involving alleged fraud, money laundering and the diversion of funds.
As investigations continue, the EFCC is expected to examine financial records, company transactions and the movement of funds linked to the allegations before determining whether criminal charges will be filed.
