The Economic and Financial Crimes Commission (EFCC) has arrested Innocent Ezuma, an Abuja-based businessman, over allegations that he defrauded a Ukrainian investor of more than $120 million.
EFCC spokesperson Dele Oyewale confirmed on Tuesday that Ezuma, 57, was arrested at his Abuja residence on Monday and remained in the commission’s custody.
“He was arrested. He is in our custody and investigations are ongoing,” Oyewale said.
Ezuma is being investigated over allegations of advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
According to sources familiar with the investigation, the businessman allegedly received funds from the Ukrainian investor between 2007 and 2015 for mineral exploration and power projects that were never executed.
The funds were allegedly diverted for personal use. Investigators are also examining the movement of billions of naira to companies and individuals linked to Ezuma, including his children.
The EFCC is reportedly seeking information from members of the public and the businessman’s former associates as its investigation expands.
The allegations also cover Ezuma’s business activities in Nigeria and Ukraine, including a deal involving the Jos Steel Rolling Mill in Plateau State.
In the mid-2000s, Ezuma allegedly convinced two Ukrainian businessmen to finance the privatisation of the steel plant before assuming exclusive control of the facility.
He was further accused of stripping the mill of its assets and leaving hundreds of workers without 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 fleeing to Nigeria.
Although the EFCC confirmed Ezuma’s arrest, Oyewale did not comment on the specific allegations against him.