The Economic and Financial Crimes Commission (EFCC) has arrested Abuja-based businessman Innocent Ezuma, 57, over allegations of defrauding a Ukrainian investor of more than $120 million in transactions spanning several years.

Ezuma was arrested at his residence in Abuja on Monday, October 19, and remained in the commission’s custody as of Tuesday, according to reports.

EFCC spokesperson Dele Oyewale confirmed the arrest but declined to provide further details, saying the investigation was ongoing.

The businessman is being investigated over alleged advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.

Sources familiar with the investigation alleged that Ezuma obtained tens of millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were never executed. Investigators suspect that the funds were diverted for personal use.

The commission is also reportedly examining transfers worth billions of naira to companies and individuals linked to the businessman, including members of his family, as part of efforts to trace the movement of the funds.

The investigation extends to Ezuma’s previous business dealings in Nigeria and Ukraine. Sources alleged that, in the mid-2000s, he persuaded two Ukrainian businessmen to finance the privatisation of Jos Steel Rolling Mill in Plateau State before taking control of the facility, removing its assets and leaving hundreds of workers without their wages.

He was also accused of shooting and seriously injuring a business partner during a confrontation in Ukraine on April 28, 2008, before allegedly fleeing to Nigeria.

The EFCC is continuing its investigation and seeking information from members of the public and the businessman’s former associates that could assist the inquiry.

The allegations have not been established in court, and Ezuma remains presumed innocent unless proven guilty.