The Economic and Financial Crimes Commission has arrested a 57-year-old Abuja-based businessman, Innocent Ezuma, over allegations that he defrauded a Ukrainian investor of more than $120m in deals involving mineral exploration and power projects.
Ezuma was reportedly arrested at his residence in Abuja on Monday, October 19, and was still in the commission’s custody as of Tuesday.
The EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined to disclose 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, theft, money laundering, obtaining money under false pretences and criminal conversion.
According to one of the sources, Ezuma allegedly collected millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were never executed. The funds were allegedly diverted for personal use.
Investigators were also said to be examining transfers involving billions of naira to companies and individuals linked to the businessman, including his children, as the commission expands its probe.
The allegations reportedly extend to Ezuma’s previous business dealings in Nigeria and Ukraine.
A source claimed that he had persuaded two Ukrainian businessmen in the mid-2000s to finance the privatisation of the Jos Steel Rolling Mill in Plateau State before allegedly taking exclusive control, stripping the facility of its assets and abandoning hundreds of workers without salaries.
The businessman was also accused of shooting and seriously injuring a business partner during a confrontation in Ukraine on April 28, 2008, before fleeing to Nigeria. The EFCC was said to be seeking information from members of the public and Ezuma’s former associates as investigations continue.
