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 $120 million.
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 by a correspondent on Tuesday but declined to provide 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 for mineral exploration and power projects that were never executed.
The source alleged that the funds were diverted for personal use, adding that investigators were scrutinising financial transfers worth billions of naira to companies and individuals linked to the businessman, including his children.
Another source disclosed that the EFCC was widening its investigation and seeking information from members of the public and Ezuma’s former business associates.
The investigation is also said to cover the businessman’s previous business dealings in Nigeria and Ukraine.
The source alleged that, in the mid-2000s, Ezuma persuaded two Ukrainian businessmen to provide funding for the privatisation of the Jos Steel Rolling Mill in Plateau State. He was subsequently accused of taking exclusive control of the facility, stripping it of its assets and abandoning hundreds of workers without payment of their wages.
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 allegedly fleeing to Nigeria.
Oyewale reiterated that the commission arrested Ezuma at his Abuja residence on Monday but declined to comment further on the allegations or the status of the investigation.
The allegations against Ezuma have yet to be established in court, and his arrest does not constitute proof of guilt.
