The Economic and Financial Crimes Commission (EFCC) has arrested 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, 57, was arrested at his Abuja residence on Monday, October 19, and remained in the commission’s custody as of Tuesday.
EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide further details when contacted on Tuesday.
Sources familiar with the investigation said Ezuma was being investigated for alleged advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
One of the sources alleged that the businessman received millions of dollars from the Ukrainian investor between 2007 and 2015 for mineral exploration and power projects that were never delivered.
The source claimed that the funds were diverted for personal use, adding that investigators were examining transfers worth billions of naira to companies and individuals allegedly linked to Ezuma, including his children.
Another source said the commission was expanding its investigation and seeking information from members of the public and the businessman’s former associates.
The investigation also reportedly covers Ezuma’s previous business dealings in Nigeria and Ukraine.
According to one source, Ezuma allegedly persuaded two Ukrainian businessmen in the mid-2000s to finance the privatisation of Jos Steel Rolling Mill in Plateau State before taking exclusive control of the facility.
The source further alleged that the businessman stripped the facility of its assets and abandoned hundreds of workers without their wages.
Ezuma 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 source said.
The allegations have not been established in court, and the details of the investigation have yet to be officially disclosed by the EFCC.
Oyewale reiterated that the commission arrested Ezuma at his Abuja residence on Monday but declined to comment further on the case.
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