The Economic and Financial Crimes Commission (EFCC) has arrested a 57-year-old Abuja-based businessman over allegations that he defrauded a Ukrainian investor of more than $120 million in a scheme involving mineral exploration, energy projects and suspected money laundering.
The EFCC spokesperson, Dele Oyewale, confirmed the arrest to journalists, saying the businessman was apprehended in Abuja on Monday, October 19, and remained in the commission’s custody.
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.
According to the commission, the arrest followed collaboration with international investigators and information supplied by whistleblowers within the suspect’s organisation.
The EFCC 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.
Investigators also reportedly traced billions of naira in transfers to companies and individuals linked to the businessman, including members of his family, as part of efforts to establish how the funds were allegedly moved.
One company allegedly controlled by the suspect’s 28-year-old son has come under scrutiny as a suspected channel for laundering funds. According to the investigation, the company received ₦1.365 billion in purported loans between February and April 2025 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.
Other transactions under investigation reportedly include transfers ranging from ₦48 million to ₦50 million to the businessman’s 26-year-old daughter, as well as payments to a relative and a business associate. The commission’s investigators reportedly found no identifiable legitimate business purpose for the transactions.
Earlier Ukraine and Nigeria Business Dealings
The allegations also extend to the businessman’s earlier commercial activities 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 paying their wages.
Investigators also reportedly examined subsequent business dealings involving a Russian state-owned enterprise and proposed projects in mineral exploitation and the energy sector.
The Ukrainian investor is said to have suffered substantial asset losses following Russia’s invasion of Ukraine in 2022, adding another dimension to the cross-border dispute.
Case documents further allege that the businessman remained in Nigeria despite an Interpol Red Notice.
Investigation Ongoing
The EFCC has not announced the conclusion of its investigation or confirmed any formal court proceedings against the suspect in connection with the allegations.
The arrest represents a significant development in a case involving alleged international investment fraud, suspected money laundering and disputed commercial ventures in the mining and energy sectors.
The allegations remain unproven, and the suspect is presumed innocent unless proven guilty by a court of competent jurisdiction.
