EFCC Arrests Abuja Businessman Over Alleged $120m Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based businessman over allegations of defrauding a Ukrainian investor of more than $120 million in a scheme said to have spanned nearly two decades.

EFCC spokesperson, Dele Oyewale, confirmed the arrest to journalists, saying the 57-year-old suspect was apprehended in Abuja on Monday, October 19, and remains in the commission’s custody.

The suspect is facing allegations of advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.

According to the commission, the arrest followed collaboration with international investigators and information provided by whistleblowers within the suspect’s organisation.

The EFCC 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 delivered.

The funds were allegedly diverted for personal use.

Investigators also uncovered alleged transfers of billions of naira to companies and individuals linked to the businessman, including members of his family.

The commission reportedly identified a company controlled by the suspect’s 28-year-old son as a suspected channel for laundering funds.

Between February and April 2025, the company allegedly received ₦1.365 billion in purported loans despite recording no revenue.

Investigators further alleged that ₦953 million was transferred in July 2025, with only ₦90 million subsequently returned.

The investigation also identified transfers ranging from ₦48 million to ₦50 million to the suspect’s 26-year-old daughter, and a relative and business associate.

The payments reportedly had no identifiable legitimate business purpose.

The case also involves allegations relating to the suspect’s earlier business dealings in Ukraine and Nigeria.

In the mid-2000s, he allegedly persuaded two Ukrainian businessmen to finance the privatisation of a steel company in Plateau State before taking exclusive control of the facility.

The businessman was accused of stripping the facility of its assets and abandoning hundreds of workers without their wages.

Investigators also allege that the suspects later entered into business dealings with a Russian state-owned enterprise, involving mineral exploitation and energy projects.

The Ukrainian investor reportedly suffered substantial asset losses following Russia’s invasion of Ukraine in 2022.

The case documents further allege that the suspects remained in Nigeria despite an Interpol Red Notice.

The EFCC has yet to announce the outcome of its investigation or any formal court proceedings against the suspect.

The arrest marks a development in a case involving alleged cross-border financial fraud, suspected money laundering, and disputed investments in the mining and energy sectors.