The Economic and Financial Crimes Commission (EFCC) has arrested 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.
EFCC spokesperson Dele Oyewale confirmed the arrest when contacted on Tuesday but declined to disclose further details about the investigation.
Sources familiar with the case said the businessman was 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, Ezuma allegedly received millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were never delivered.
The source further alleged that the funds were diverted for personal use, adding that investigators were examining financial transfers worth billions of naira to companies and individuals connected to the businessman, including his children.
Another source disclosed that the commission was widening its investigation and seeking information from members of the public and Ezuma’s former associates.
The allegations reportedly extend to the businessman’s previous commercial dealings in both Ukraine and Nigeria.
“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 businessman was also accused of shooting and seriously injuring one of his business partners during a confrontation in Ukraine on April 28, 2008, before fleeing to Nigeria, according to the source.
Oyewale reiterated that the commission arrested Ezuma at his Abuja residence on Monday.
The EFCC has not publicly disclosed further details of the case, and the allegations against the businessman have yet to be established in court.
