The Economic and Financial Crimes Commission (EFCC) has taken a 57-year-old Abuja businessman into custody over allegations of defrauding a Ukrainian investor of more than $120 million through failed mining and energy projects.
The commission’s spokesperson, Dele Oyewale, confirmed the arrest, saying operatives apprehended the businessman in Abuja on Monday, October 19, 2026. He added that the suspect remained in the commission’s custody.
The EFCC said the investigation involved collaboration with international investigators and information from whistleblowers within the suspect’s organisation.
According to the commission, the businessman allegedly received substantial sums of money from the Ukrainian investor between 2007 and 2015 to fund mineral exploration and power projects. However, the projects were reportedly not delivered, while the funds were allegedly diverted for personal use.
The suspect is being investigated over alleged advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
As part of its investigation, the EFCC reportedly traced several financial transactions involving companies and individuals connected to the businessman, including members of his family.
One company allegedly linked to his 28-year-old son is under scrutiny over suspected money laundering. Investigators said the firm received ₦1.365 billion in purported loans between February and April 2025, despite having no recorded revenue.
The company allegedly received an additional ₦953 million in July 2025, but only ₦90 million was subsequently returned, according to the investigation.
The commission also reportedly identified transfers of between ₦48 million and ₦50 million to the suspect’s 26-year-old daughter, a relative and a business associate. Investigators are questioning the transactions over the absence of identifiable legitimate business purposes.
The probe has also brought the businessman’s earlier investments in Nigeria under scrutiny.
In the mid-2000s, he allegedly persuaded two Ukrainian businessmen to finance the privatisation of a steel company in Plateau State. He was subsequently accused of assuming exclusive control of the facility, removing its assets and leaving hundreds of workers without their outstanding salaries.
Investigators are also examining his reported business dealings with a Russian state-owned enterprise involving mineral resources and energy projects.
The Ukrainian investor is said to have suffered substantial asset losses following Russia’s invasion of Ukraine in 2022.
Case documents further allege that the businessman remained in Nigeria despite an Interpol Red Notice connected to the matter.
The EFCC has yet to announce the outcome of its investigation or confirm whether formal court proceedings have commenced against the suspect.
The case adds to ongoing efforts to investigate alleged financial crimes involving international investors, cross-border transactions and suspected diversion of investment funds.
