By Isaac Aregbesola
The Economic and Financial Crimes Commission (EFCC) has detained an Abuja businessman for allegedly defrauding a Ukrainian investor of more than 120 million dollars in a scheme purportedly spanning nearly two decades.
EFCC Spokesman, Dele Oyewale, who confirmed the development to the News Agency of Nigeria (NAN) Abuja on Tuesday, said the suspect was arrested in his residence in Abuja on Monday, and has since been in custody.
He however declined further explanation on the development.
Meanwhile a source at the commission conversant with the development, said the suspect was accused of advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretence, theft and money laundering.
According to the source, the details of the case show that his arrest follows collaboration with international investigators and information provided by whistle-blowers within his organisation.
“The suspect allegedly obtained millions of dollars from the investor between 2007 and 2015 for mineral exploration and power projects that were never delivered, and the funds allegedly diverted for personal use.
”The commission also uncovered alleged transfers of billions of naira to companies and individuals linked to the suspect including his children.
“His 28-year-old son, controls Battregen Limited, which investigators described as a conduit for laundering funds.
”Between February and April 2025, Battregen reportedly received approximately N1.4 billion in purported loans in spite of recording no revenue.
“In July 2025, a further N953 million was allegedly transferred to the son of which only N90 million was returned.
”Investigators also identified transfers of between N48 million and N50 million to the suspect’s 26-year-old daughter, and a relative and business associate. They reportedly found no legitimate business purpose for the payments.”
The source further said that the EFCC was expanding its investigation and had appealed to members of the public and the businessman’s former associates to provide further information.
The official explained that the case concerned a Ukrainian investor who reportedly lost substantial assets following Russia’s invasion of Ukraine in 2022.
”Investigators alleged that the suspect subsequently entered into dealings with Inter RAO UES, a Russian state-owned enterprise, for mineral exploitation and energy projects.
”The allegations also extend to his earlier business dealings in Ukraine.
In the mid-2000s, the suspect allegedly persuaded two Ukrainian businessmen to finance the privatisation of Jos Steel Rolling Mill in Plateau before taking exclusive control of the facility, stripping it of assets and abandoning hundreds of workers without wages.
”He also allegedly shot and seriously wounded one of his business partners during a confrontation in Ukraine on April 28, 2008, before fleeing to Nigeria.
“The document detailing the allegations says the suspect had remained in Nigeria in spite of an Interpol red notice,” the source also told NAN.(NAN)
Edited by Deborah Coker
Comments