The Economic and Financial Crimes Commission (EFCC) has arrested a 57-year-old Abuja-based popular businessman over allegations that he defrauded a Ukrainian investor of more than $120 million through failed mineral exploration and energy projects.
The EFCC spokesperson, Dele Oyewale, confirmed the arrest to journalists, saying operatives apprehended the suspect in Abuja on Monday, October 19, 2026. He said the businessman remained in the commission’s custody.
According to the commission, the allegations include advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
The EFCC alleged that the businessman received 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 suspect that the funds were diverted for personal use.
The commission said the arrest followed cooperation with international investigators and information supplied by whistleblowers within the suspect’s organisation.
Investigators also reportedly traced billions of naira in transfers to companies and individuals allegedly connected to the businessman, including members of his family.
One company said to be controlled by the suspect’s 28-year-old son attracted particular attention during the investigation. The EFCC allegedly identified it as a possible channel for moving funds.
Between February and April 2025, the company reportedly received ₦1.365 billion described as loans, despite recording no revenue during the period.
The investigation further alleged that ₦953 million was transferred in July 2025, but only ₦90 million was subsequently returned.
Other transactions under scrutiny reportedly included payments ranging from ₦48 million to ₦50 million to the businessman’s 26-year-old daughter, as well as a relative and a business associate. Investigators allegedly found no clear legitimate business purpose for the transactions.
The case also involves earlier business dealings in Nigeria and Ukraine. According to the allegations, the businessman persuaded two Ukrainian investors in the mid-2000s to provide funds for the privatisation of a steel company in Plateau State before allegedly taking exclusive control of the facility.
He was further accused of removing assets from the company and leaving hundreds of workers without their wages. These claims remain allegations and have not been established by a court in the information provided.
The investigation also examined alleged business arrangements involving a Russian state-owned enterprise and projects connected to mineral exploitation and energy development.
The Ukrainian investor reportedly suffered substantial asset losses following Russia’s invasion of Ukraine in 2022, according to the account of the case.
Investigators also alleged that the businessman remained in Nigeria despite an Interpol Red Notice. The circumstances surrounding the notice and its status were not detailed in the information provided.
As of the report, the EFCC had not announced the conclusion of its investigation or confirmed any formal court proceedings against the suspect.
The case centres on allegations of cross-border financial fraud, suspectedb money laundering and disputed investments in the mining and energy sectors. The investigation is expected to establish the movement of the funds, the roles of the individuals and companies involved, and whether the transactions breached Nigerian law.
The suspect remains entitled to the presumption of innocence unless the allegations are proved in court.
