Abuja Businessman Innocent Ezuma Arrested for $120M Fraud

Innocent Ezuma, a 57-year-old businessman based in Abuja, was arrested by the Economic and Financial Crimes Commission (EFCC) on October 19. He is accused of defrauding a Ukrainian investor of more than $120 million between 2007 and 2015, allegedly for mineral exploration and power projects that were never delivered.

The EFCC spokesperson, Dele Oyewale, confirmed the arrest but did not provide further details. Investigators are looking into various charges against Ezuma, including advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretenses, theft, and money laundering.

Allegations suggest that funds were diverted for personal use, with investigators examining transfers worth billions of naira to companies and individuals linked to Ezuma, including his children. Additionally, Ezuma has a history of business dealings in Ukraine, including persuading Ukrainian businessmen to finance the privatisation of Jos Steel Rolling Mill, which he allegedly abandoned, leaving workers unpaid.

He is also accused of shooting a business partner in Ukraine in 2008.