EFCC Nabs Abuja Businessman Over Alleged $120m Fraud, Money Laundering

The Economic and Financial Crimes Commission (EFCC) has taken a major step in the fight against financial crimes by arresting an Abuja-based businessman over allegations of defrauding a Ukrainian investor of more than $120 million. This high-profile arrest highlights the ongoing efforts of anti-corruption authorities to tackle complex cross-border financial crimes and protect the integrity of Nigeria’s business ecosystem.

According to EFCC spokesperson Dele Oyewale, the 57-year-old suspect was apprehended in Abuja on Monday, October 19, 2026, and is currently in the commission’s custody. The suspect is facing multiple serious allegations, including advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft, and money laundering. Investigators revealed that the arrest followed close collaboration with international investigators and crucial tips provided by whistlebusters within the suspect’s organization.

The anti-corruption agency alleges that the suspect collected tens of millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects, which were never executed. Instead, the funds were allegedly diverted for personal use. Financial investigations further uncovered billions of naira traced to companies and individuals linked to the businessman, including his family members. Notably, a company controlled by the suspect’s 28-year-old son reportedly received ₦1.365 billion in purported loans between February and April 2025 despite generating zero revenue, while additional unverified funds were channeled to his 26-year-old daughter and business associates.

Investigators also noted that the case stretches back to earlier business dealings involving the privatisation of a steel company in Plateau State during the mid-2000s, where workers were allegedly abandoned without wages after the facility’s assets were stripped. While the EFCC has yet to officially announce formal court arraignment proceedings, the ongoing investigations signify a major crackdown on multi-million dollar fraud networks operating across borders.

Source: Channels Television – https://www.channelstv.com/2026/10/21/efcc-arrests-abuja-businessman-over-alleged-120m-fraud/

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