The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based businessman over allegations that he defrauded a Ukrainian investor of more than $120 million in a scheme that allegedly 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 businessman is being investigated over allegations of advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
According to the EFCC, the arrest followed collaboration with international investigators and information provided by whistleblowers within the suspect’s organisation.
The commission alleges that the businessman collected tens of millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were never delivered.
The funds were allegedly diverted for personal use rather than invested in the agreed projects.
Investigators also uncovered suspected transfers worth billions of naira to companies and individuals linked to the businessman, including members of his family.
The EFCC reportedly identified a company controlled by the suspect’s 28-year-old son as a potential channel for laundering the funds.
Between February and April 2025, the company allegedly received ₦1.365 billion in purported loans despite recording no revenue.
Investigators further alleged that the company received a transfer of ₦953 million in July 2025, of which only ₦90 million was subsequently returned.
The investigation also identified transfers ranging from ₦48 million to ₦50 million to the suspect’s 26-year-old daughter, as well as a relative and a business associate. The payments reportedly had no identifiable legitimate business purpose.
The allegations also relate to the businessman’s earlier dealings in Ukraine and Nigeria.
In the mid-2000s, he allegedly persuaded two Ukrainian businessmen to provide financing for the privatisation of a steel company in Plateau State before taking exclusive control of the facility.
He was subsequently accused of stripping the facility of its assets and abandoning hundreds of workers without paying their wages.
Investigators further allege that the businessman 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.
Case documents also allege that the businessman remained in Nigeria despite an Interpol Red Notice.
The EFCC has yet to announce the outcome of its investigation or disclose 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 Nigeria’s mining and energy sectors.
