EFCC detains Abuja businessman accused of swindling Ukrainian investor of $120m

The Economic and Financial Crimes Commission (EFCC) has arrested Abuja businessman Innocent Ezuma over allegations of defrauding a Ukrainian investor of more than $120 million.

According to PUNCH, the 57-year-old was arrested at his Abuja residence on Monday, October 19, 2026.

EFCC spokesperson Dele Oyewale confirmed the arrest on Tuesday but declined further details.

Sources alleged that Ezuma obtained the funds between 2007 and 2015 for mineral exploration and power projects that were never executed.

“The funds were allegedly diverted for personal use, while investigators are examining transfers of billions of naira to companies and individuals linked to the businessman, including his children.”

Investigators are examining allegations of advance fee fraud, criminal breach of trust, theft and money laundering.

Ezuma was also accused of taking control of Jos Steel Rolling Mill after securing investment from Ukrainian businessmen.

Sources further alleged that he shot and injured a business partner in Ukraine in 2008 before fleeing Nigeria.

The businessman remains in EFCC custody.