EFCC arrests Abuja businessman for defrauding Ukrainian investor of $120m

The Economic and Financial Crimes Commission (EFCC) has apprehended a businessman from Abuja, Innocent Ezuma, for allegedly defrauding a Ukrainian investor of over $120 million. The 57-year-old was taken into custody at his residence in Abuja on Monday, October 19, and is currently held in the commission's custody. The EFCC spokesperson, Dele Oyewale, confirmed the arrest to a reporter on Tuesday.

However, unnamed sources revealed that Ezuma is accused of various offenses, including advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretenses, theft, and money laundering.

According to the sources, the accused allegedly obtained the funds from the Ukrainian investor between 2007 and 2015 for mineral exploration and power projects that were never completed. The monies were reportedly misappropriated for personal use, while investigations are underway to trace billions of naira transferred to entities and individuals associated with the businessman, including his children.

Another source disclosed that the commission is broadening its probe and is seeking input from the general public and former associates of the businessman. The allegations extend beyond Ezuma's dealings in Nigeria and touch upon his earlier business ventures in Ukraine. In the mid-2000s, it is alleged that he duped two Ukrainian businessmen into financing the privatization of the Jos Steel Rolling Mill in Plateau State.

Ezuma is accused of taking control of the facility, stripping it of assets, and abandoning hundreds of workers without compensation.

Additionally, he is reportedly accused of shooting and gravely injuring one of his business partners during a dispute in Ukraine on April 28, 2008, and then fleeing to Nigeria. When reached for comment, Oyewale affirmed the businessman's arrest and stated that he has been in custody since Monday. No further details were provided. Solomon Odeniyi, a journalist at Punch Newspapers with six years of experience covering the judiciary, military, and police, is currently reporting on anti-corruption and related issues.