The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based businessman over allegations of defrauding a Ukrainian investor of more than $120 million in a scheme that allegedly spanned nearly two decades.
EFCC spokesperson Dele Oyewale confirmed the arrest to journalists, saying the 57-year-old suspect was apprehended in Abuja on Monday, October 19, and remains in the commission’s custody.
The suspect 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 the commission, the arrest followed collaboration with international investigators and information provided by whistleblowers within the suspect’s organisation.
The EFCC alleges that the businessman collected tens of millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were never delivered.
Investigators suspect that the funds were diverted for personal use.
The commission also uncovered alleged transfers worth billions of naira to companies and individuals linked to the businessman, including members of his family.
Investigators reportedly identified a company controlled by the suspect’s 28-year-old son as a suspected channel for laundering funds.
Between February and April 2025, the company allegedly received ₦1.365 billion in purported loans despite recording no revenue.
The investigation further revealed an alleged transfer of ₦953 million in July 2025, of which only ₦90 million was subsequently returned.
Investigators also identified transfers ranging from ₦48 million to ₦50 million to the suspect’s 26-year-old daughter, a relative and a business associate. The commission reportedly found no identifiable legitimate business purpose for the payments.
EFCC Probes Earlier Business Dealings
The investigation also covers the suspect’s earlier business dealings in Ukraine and Nigeria.
In the mid-2000s, the businessman allegedly persuaded two Ukrainian investors to finance the privatisation of a steel company in Plateau State before taking exclusive control of the facility.
He was accused of stripping the facility of its assets and abandoning hundreds of workers without paying their wages.
Investigators also allege that the businessman later entered into commercial dealings with a Russian state-owned enterprise involving mineral exploitation and energy projects.
The Ukrainian investor reportedly suffered substantial asset losses following Russia’s invasion of Ukraine in 2022.
Case documents further allege that the suspect remained in Nigeria despite an Interpol Red Notice.
The EFCC has yet to announce the outcome of its investigation or disclose any formal court proceedings against the businessman.
The arrest marks a development in a case involving alleged cross-border financial fraud, suspected money laundering and disputed investments in the mining and energy sectors.