EFCC Arrests Abuja Businessman Over Alleged $120m Fraud Against Ukrainian Investor

According to a report by Daily Post on Tuesday, October 20, 2026, the Economic and Financial Crimes Commission (EFCC) has arrested Abuja-based businessman Innocent Ozoemena Ezuma over allegations that he defrauded a Ukrainian investor of more than $120 million in a transaction spanning several years.

Ezuma, 57, was reportedly arrested in Abuja on Monday, October 19, 2026. An official of the anti-graft agency, who spoke on condition of anonymity, confirmed that the businessman had been taken into custody as investigations into the alleged financial misconduct continued.

The businessman is accused of several offences, including advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering. However, the allegations have yet to be established in court.

According to details of the investigation, the EFCC alleges that Ezuma received more than $120 million from the Ukrainian investor between 2007 and 2015. The funds were reportedly provided to finance mineral exploration and electricity-related projects that were expected to generate business opportunities.

Investigators claim that the proposed projects were never carried out despite the substantial investment made by the foreign investor. The commission further alleges that the money was diverted for personal purposes instead of being used for the ventures for which it was provided.

The transactions reportedly extended over several years, raising questions about how the funds were managed and what happened to the money after it was transferred. The EFCC is examining the alleged diversion of the investment and whether any proceeds were moved through channels associated with money laundering.

The businessman’s arrest reportedly followed cooperation between the EFCC and international investigators working to establish the circumstances surrounding the alleged fraud. The cross-border nature of the case has added complexity to the investigation because the alleged victim is Ukrainian and the disputed funds involve a substantial amount of money.

Information provided by whistle-blowers within Ezuma’s organisation also reportedly contributed to the investigation. Their disclosures are said to have helped investigators obtain information relevant to the allegations and trace the transactions under scrutiny.

The case represents another investigation by the EFCC into alleged financial crimes involving large sums and international business dealings. Authorities are expected to continue examining the evidence to determine the circumstances surrounding the failed projects and the whereabouts of the funds.

Although Ezuma has been arrested, the allegations remain accusations at this stage. His culpability will ultimately depend on the evidence presented through the legal process and the court’s determination of the case.

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