Abuja businessman arrested for allegedly defrauding investor of $120m

The Economic and Financial Crimes Commission has arrested Innocent Ezuma, a businessman from Abuja, over claims that he defrauded a Ukrainian investor of over $120 million.

Ezuma was picked up at his home in Abuja on Monday, October 19. As of Tuesday, he was still in the EFCC's custody.

Dele Oyewale, the spokesperson for the EFCC, confirmed the arrest when our reporter reached out on Tuesday. He did not share more details about the case.

Sources say Ezuma is under investigation for several serious offenses. These include advance fee fraud, breach of trust, money laundering, and theft. He is also accused of obtaining money under false pretenses.

One source mentioned that between 2007 and 2015, Ezuma allegedly took millions of dollars from the Ukrainian investor for mineral exploration and power projects that he never delivered.

The source claims that instead of using the money for the projects, Ezuma diverted it for personal use. Investigators are looking into transfers worth billions of naira to companies and individuals connected to him, including his children.

Another source indicated that the EFCC is broadening its investigation. They are seeking information from the public and from Ezuma's former business associates.

The allegations also cover Ezuma's past business dealings both in Ukraine and Nigeria. According to the source, "In the mid-2000s, he allegedly persuaded two Ukrainian businessmen to finance the privatization 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."

Ezuma is also accused of shooting and seriously injuring one of his business partners during a confrontation in Ukraine on April 28, 2008. After this incident, he reportedly fled back to Nigeria.

Oyewale confirmed that the agency arrested Ezuma at his Abuja home on Monday. He did not share any more details about the ongoing investigation.