Nigeria: businessman arrested over alleged $120 million fraud in Abuja
By the AFREEQUE newsroom, based on Punch
Nigeria’s Economic and Financial Crimes Commission has arrested businessman Innocent Ezuma, 57, suspected of defrauding a Ukrainian investor of more than $120 million. The funds were allegedly paid between 2007 and 2015 for mining and energy projects that were never carried out, according to sources cited by Punch, as the investigation continues.
According to a source close to the investigation cited by Punch, the funds were allegedly paid between 2007 and 2015 to finance mining exploration and electricity projects that were never carried out. Investigators are also examining transfers of several billion naira to companies and people linked to Ezuma, including his children. The suspicions include advance-fee fraud, misappropriation of funds and money laundering.
The investigation also concerns Ezuma’s former activities in Nigeria and Ukraine. A source cited by Punch says that in the mid-2000s he allegedly took control of the Jos Steel Rolling Mill in Plateau State after persuading two Ukrainian businessmen to finance its privatisation, then stripped it of its assets and abandoned it, leaving hundreds of employees unpaid. He is also accused of shooting and injuring a business partner in Ukraine on 28 April 2008 before returning to Nigeria.
The arrest comes amid calls for the EFCC to advance investigations into political officials, including a demand made by HURIWA on 9 October (investigations into Okowa and Bello). On 18 October, three men were remanded in custody in another alleged fraud case involving 18.2 million naira (the 18.2 million naira case).
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
