The Economic and Financial Crimes Commission, EFCC, has detained an Abuja businessman over allegations that he defrauded a Ukrainian investor of more than $120 million in a scheme spanning nearly two decades.
EFCC spokesperson Dele Oyewale confirmed the development to the News Agency of Nigeria, NAN, in Abuja on Tuesday, saying the suspect was arrested at his residence on Monday and remained in custody, however, he declined to provide further details.
A source at the commission, who spoke on condition of anonymity, told NAN that the businessman was being investigated for alleged advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretenses, theft and money laundering.
The source said preliminary findings indicated that the suspect allegedly collected millions of dollars from the investor between 2007 and 2015 for mineral exploration and power projects that were never executed.
The funds were allegedly diverted for personal use, while investigators traced billions of naira in transfers to companies and individuals linked to the businessman, including his children.
The source said the suspect’s 28-year-old son controls Battregen Limited, which investigators allegedly identified as a channel for laundering funds.
Between February and April 2025, the company reportedly received about N1.4 billion in purported loans despite recording no revenue.
The source added that another N953 million was allegedly transferred to the suspect’s son in July 2025, of which only N90 million was returned.
Investigators also reportedly identified transfers ranging from N48 million to N50 million to the suspect’s 26-year-old daughter, a relative and a business associate, with no legitimate business purpose established for the payments.
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The source said the commission was expanding its investigation and had appealed to members of the public and the businessman’s former associates to provide relevant information.
The source also said the case involved a Ukrainian investor who reportedly lost substantial assets following Russia’s invasion of Ukraine in 2022.
Investigators alleged that the suspect subsequently entered into business dealings with Inter RAO UES, a Russian state-owned enterprise, for mineral exploitation and energy projects.
The allegations also extend to the businessman’s earlier dealings in Ukraine.
The source said that in the mid-2000s, the suspect allegedly persuaded two Ukrainian businessmen to finance the privatization of Jos Steel Rolling Mill in Plateau State before taking exclusive control of the facility.
He allegedly stripped the facility of its assets and abandoned hundreds of workers without wages.
The source further alleged that the businessman shot and seriously wounded one of his business partners during a confrontation in Ukraine on April 28, 2008, before fleeing to Nigeria.
The source added that documents detailing the allegations indicated that the suspect had remained in Nigeria despite an Interpol red notice.
NAN
