By Mardiyyah Abubakar
The Economic and Financial Crimes Commission (EFCC) has arrested a 57-year-old Abuja-based businessman over allegations of defrauding a Ukrainian investor of more than $120 million.
EFCC spokesperson Dele Oyewale confirmed the arrest, saying operatives apprehended the suspect in Abuja on October 19, 2026. The businessman remains in the commission’s custody.
The suspect faces 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 businessman allegedly 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.
Investigators allege that he diverted the funds for personal use and transferred billions of naira to companies and individuals linked to him, including members of his family.
The commission also identified a company allegedly controlled by the suspect’s 28-year-old son as a possible channel for laundering funds.
Between February and April 2025, the company reportedly received ₦1.365 billion in purported loans despite recording no revenue. Investigators also alleged that the company received another ₦953 million in July 2025, but returned only ₦90 million.
The investigation further uncovered transfers ranging from ₦48 million to ₦50 million to the suspect’s 26-year-old daughter, a relative and a business associate. The EFCC said the payments had no identifiable legitimate business purpose.
The case also involves the suspect’s earlier business dealings in Ukraine and Nigeria. Investigators allege that he persuaded two Ukrainian businessmen in the mid-2000s to finance the privatisation of a steel company in Plateau State before taking exclusive control of the facility.
He was also accused of stripping the facility of its assets and abandoning hundreds of workers without paying their wages.
The EFCC further alleges that the businessman entered into 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.
According to the case documents, the suspect 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 him.
