The Economic and Financial Crimes Commission (EFCC) has arrested a 57-year-old Abuja-based businessman, Innocent Ezuma, over allegations of defrauding a Ukrainian investor of more than $120 million.
Ezuma was arrested at his residence in Abuja on Monday, October 19, 2026, and was still in the commission’s custody as of Tuesday.
The EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined to provide further details about the investigation.
Sources familiar with the case disclosed that 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.
One source alleged that Ezuma received millions of dollars from a Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were reportedly never delivered.
Investigators are also examining alleged transfers worth billions of naira to companies and individuals linked to the businessman, including members of his family.
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The investigation reportedly extends to Ezuma’s previous business activities in both Nigeria and Ukraine.
A source alleged that, in the mid-2000s, the businessman persuaded two Ukrainian investors to provide funding for the privatisation of Jos Steel Rolling Mill in Plateau State. He was subsequently accused of taking exclusive control of the facility, stripping it of assets and abandoning hundreds of workers without their wages.
Ezuma was also accused of shooting and seriously injuring a business partner during a confrontation in Ukraine on April 28, 2008, before allegedly fleeing to Nigeria.
The EFCC is reportedly expanding its investigation and seeking information from members of the public and the businessman’s former associates.
As of the time of writing, the commission had not publicly disclosed further details regarding the case or indicated whether formal charges had been filed.
The allegations against Ezuma remain subject to investigation, and his guilt has not been established by a court of law
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