The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja businessman over allegations that he defrauded a Ukrainian investor of more than $120 million in a scheme spanning several years.
EFCC spokesperson Dele Oyewale confirmed the arrest to the News Agency of Nigeria (NAN) on Tuesday, saying the suspect was taken into custody at his Abuja residence on Monday.
A source familiar with the investigation said the allegations include advance-fee fraud, criminal breach of trust, money laundering, theft and obtaining money under false pretences.
According to the source, the suspect allegedly received millions of dollars between 2007 and 2015 for mineral exploration and power projects that were never delivered. The funds were allegedly diverted for personal use.
Investigators are also examining transfers reportedly worth billions of naira to companies and individuals linked to the businessman, including his children. One company associated with his 28-year-old son allegedly received about ₦1.4 billion in purported loans between February and April 2025 despite recording no revenue.
The investigation reportedly involves international investigators and information provided by whistle-blowers. The EFCC is seeking additional information as inquiries continue.
The allegations also include earlier business dealings in Ukraine involving the privatisation of Jos Steel Rolling Mill and an alleged shooting incident in 2008. These claims remain allegations, and the investigation is ongoing.
