By Isaac Aregbesola
The Economic and Financial Crimes Commission (EFCC) has detained an Abuja businessman for allegedly defrauding a Ukrainian investor of greater than 120 million {dollars} in a scheme purportedly spanning practically twenty years.
EFCC Spokesman, Dele Oyewale, who confirmed the event to the News Agency of Nigeria (NAN) Abuja on Tuesday, mentioned the suspect was arrested in his residence in Abuja on Monday, and has since been in custody.
He nonetheless declined additional rationalization on the event.
Meanwhile a supply on the fee conversant with the event, mentioned the suspect was accused of advance price fraud, legal breach of belief, legal conversion, acquiring cash below false pretence, theft and cash laundering.
According to the supply, the small print of the case present that his arrest follows collaboration with worldwide investigators and data supplied by whistle-blowers inside 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 fee additionally uncovered alleged transfers of billions of naira to firms and people linked to the suspect together with his kids.
“His 28-year-old son, controls Battregen Limited, which investigators described as a conduit for laundering funds.
”Between February and April 2025, Battregen reportedly obtained roughly N1.4 billion in purported loans regardless of recording no income.
“In July 2025, a further N953 million was allegedly transferred to the son of which only N90 million was returned.
”Investigators additionally recognized transfers of between N48 million and N50 million to the suspect’s 26-year-old daughter, and a relative and enterprise affiliate. They reportedly discovered no official enterprise objective for the funds.”
The supply additional mentioned that the EFCC was increasing its investigation and had appealed to members of the general public and the businessman’s former associates to offer additional info.
The official defined that the case involved a Ukrainian investor who reportedly misplaced substantial property 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 vitality tasks.
”The allegations additionally prolong to his earlier enterprise 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 earlier than taking unique management of the power, stripping it of property and abandoning a whole lot of employees with out wages.
”He additionally allegedly shot and critically wounded one in every of his enterprise companions throughout a confrontation in Ukraine on April 28, 2008, earlier than fleeing to Nigeria.
“The document detailing the allegations says says the suspect had remained in Nigeria in spite of an Interpol red notice,” the supply additionally informed NAN.(NAN)
Edited by Deborah Coker
