By Emmanuella Opara | October 21st 2026
KEY POINTS
- The EFCC has arrested Abuja-based businessman Innocent Ezuma, 57, over allegations of defrauding a Ukrainian investor of more than $120m.
- Investigators are examining funds allegedly obtained between 2007 and 2015 for mineral exploration and power projects.
- The allegations also involve suspected money laundering and earlier business dealings linked to the Jos Steel Rolling Mill.
MAIN STORY
The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based businessman, Innocent Ezuma, over allegations that he defrauded a Ukrainian investor of more than $120m.
Ezuma, 57, was arrested at his residence in Abuja on Monday, October 19, and remained in the commission’s custody as of Tuesday.
The EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined to provide 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, criminal conversion, obtaining money under false pretences, theft and money laundering.
One source alleged that Ezuma received millions of dollars from the Ukrainian investor between 2007 and 2015 for mineral exploration and power projects that were never delivered. The funds were allegedly diverted for personal use.
Investigators were also examining transfers worth billions of naira to companies and individuals reportedly linked to Ezuma, including his children, according to the source.
The investigation is being expanded to cover the businessman’s previous business dealings in Ukraine and Nigeria, with the commission reportedly seeking information from members of the public and his former associates.
A source also alleged that, in the mid-2000s, Ezuma persuaded two Ukrainian businessmen to provide funds for the privatisation of Jos Steel Rolling Mill in Plateau State before taking exclusive control of the facility.
The source claimed that the facility was subsequently stripped of its assets and abandoned, leaving hundreds of workers without wages.
Ezuma was further accused of shooting and seriously injuring a business partner during a confrontation in Ukraine on April 28, 2008, before fleeing to Nigeria. The allegation has not been independently established.
Oyewale reiterated that the commission arrested Ezuma at his Abuja residence but declined to disclose additional information about the case.
THE ISSUES
The allegations concern the suspected diversion of investment funds, the use of money for purposes other than those agreed and possible financial transactions involving companies and individuals linked to the businessman.
The investigation also extends to claims about earlier business dealings in Ukraine and the privatisation of Jos Steel Rolling Mill. The allegations remain unproven, and the available information does not establish whether formal charges have been filed.
WHAT’S BEING SAID
“In the mid-2000s, he allegedly persuaded two Ukrainian businessmen to finance the privatisation of Jos Steel Rolling Mill in Plateau State before taking exclusive control of the facility, stripping it of assets and abandoning hundreds of workers without wages,” a source familiar with the investigation said.
WHAT’S NEXT
The EFCC is continuing its investigation into the allegations and seeking information from members of the public and Ezuma’s former associates. The commission has not disclosed further details about the case.
BOTTOM LINE
The EFCC’s arrest of Innocent Ezuma marks an ongoing investigation into allegations of a more than $120m fraud involving a Ukrainian investor, alongside claims relating to previous business dealings in Nigeria and Ukraine.
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