EFCC Arrests Abuja Businessman Innocent Ezuma Over Alleged $120 Million Fraud Involving Ukrainian Investor

EFCC Arrests Abuja Businessman Innocent Ezuma Over Alleged $120 Million Fraud Involving Ukrainian Investor.

The Economic and Financial Crimes Commission (EFCC) has arrested Abuja based businessman Innocent Ozoemena Ezuma, 57, over allegations that he defrauded a Ukrainian investor of more than $120 million through proposed mineral exploration and power projects that allegedly failed to materialize.

The arrest, , forms part of an investigation into suspected financial crimes involving cross border investments and the alleged diversion of funds.

EFCC spokesperson Dele Oyewale confirmed the arrest on Tuesday, October 20, stating that the businessman was in the commission’s custody while investigations continued. Ezuma was reportedly arrested at his residence in Abuja on Monday, October 19.

According to reports, the allegations against him include advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.

Investigation Focuses on Alleged Investment Fraud

Sources familiar with the investigation alleged that Ezuma received substantial sums from a Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects.

The projects allegedly failed to materialize, raising questions about the intended use of the funds and the circumstances surrounding the investment arrangements.

Investigators are reportedly examining whether the money was diverted for personal use and scrutinizing financial transactions involving companies and individuals allegedly connected to the businessman.

The EFCC has not publicly disclosed a complete account of the evidence supporting the allegations. Oyewale confirmed the arrest but declined to provide further details about the ongoing investigation, according to reports by Punch Newspapers and TheCable.

Previous Business Dealings Also Under Scrutiny

Media reports indicate that the investigation extends beyond the alleged investment fraud to Ezuma’s previous business dealings in Nigeria and Ukraine.

One area of scrutiny reportedly concerns the privatisation of the Jos Steel Rolling Mill in Plateau State during the mid 2000s.

According to allegations cited in media reports, Ezuma persuaded two Ukrainian businessmen to provide financing for the transaction before allegedly taking exclusive control of the facility.

He was further accused of stripping the mill of its assets and leaving hundreds of workers without their wages.

Reports also contain allegations that Ezuma seriously injured a business partner during a confrontation in Ukraine in April 2008 before returning to Nigeria.

These claims form part of the reported allegations surrounding his business activities and should not be treated as established facts without independent verification and appropriate judicial findings.

EFCC Investigation and Legal Implications

The investigation highlights the challenges associated with pursuing alleged financial crimes involving international investors, corporate transactions and the movement of funds across jurisdictions.

Cases of this nature can require investigators to examine financial records, establish the beneficiaries of transactions and determine whether funds were used for their stated commercial purposes.

The EFCC’s investigation is expected to establish the circumstances surrounding the alleged transactions and determine whether sufficient evidence exists to support criminal charges.

However, an arrest does not amount to a conviction. The allegations against Ezuma remain subject to investigation, and he is entitled to the presumption of innocence unless proven guilty before a court of competent jurisdiction.

As of October 21, 2026, publicly available reports have not established a final judicial determination of the allegations.