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EFCC Arrests Abuja Businessman Over Alleged $120m Fraud

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EFCC arrests Abuja businessman Innocent Ezuma over alleged $120m fraud involving a Ukrainian investor and suspected financial crimes

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The Economic and Financial Crimes Commission has arrested Abuja-based businessman Innocent Ezuma, 57, over allegations that he defrauded a Ukrainian investor of more than $120m.

Also read: Nigeria Confirms Ebola Case as 44 Contacts Monitored

EFCC spokesperson Dele Oyewale confirmed Ezuma’s arrest on Tuesday, October 20, after investigators detained him at his residence in Abuja on Monday.

Oyewale confirmed the arrest when contacted by journalists but declined to disclose details of the ongoing investigation.

Sources familiar with the case said the businessman is being investigated for alleged advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.

According to one source, the allegations relate to funds allegedly obtained from a Ukrainian investor between 2007 and 2015 for mineral exploration and power projects.

The source alleged that the projects were not delivered and that substantial portions of the funds were subsequently diverted for personal use.

Investigators are also examining financial transfers running into billions of naira involving companies and individuals allegedly connected to Ezuma, including members of his family, the source said.

Another source said the investigation was expanding, with the EFCC seeking information from people who had business dealings with Ezuma and individuals familiar with his previous activities in Nigeria and Ukraine.

The investigation is also said to cover Ezuma’s earlier dealings involving the privatisation of the Jos Steel Rolling Mill in Plateau State.

According to a source, Ezuma allegedly persuaded two Ukrainian businessmen in the mid-2000s to provide funding for the privatisation of the facility.

The source further alleged that Ezuma subsequently took exclusive control of the business, stripped the facility of assets and left hundreds of workers without wages.

The claims have not been independently established, and no charges have been announced against Ezuma in connection with the allegations.

The sources also alleged that Ezuma was involved in a violent incident in Ukraine in April 2008 involving one of his business partners.

According to the allegation, the businessman shot and seriously injured the partner during a confrontation before fleeing Ukraine for Nigeria.

The circumstances surrounding the alleged incident remain subject to investigation and have not been independently verified.

The EFCC has not publicly confirmed the additional allegations concerning Ezuma’s business history or the reported incident in Ukraine.

Oyewale again confirmed that the commission arrested Ezuma at his Abuja residence but declined to provide further information, citing the ongoing nature of the investigation.

The arrest represents another major financial crime investigation for the anti-graft agency, which has continued to pursue cases involving alleged fraud, money laundering and the diversion of funds.

Also read: Nigeria Confirms Ebola Case as 44 Contacts Monitored

As investigations continue, the EFCC is expected to examine financial records, company transactions and the movement of funds linked to the allegations before determining whether criminal charges will be filed.

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Crime

Police Arrest 19-Year-Old Over Stolen Phone in Anambra

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Police have arrested a 19-year-old suspect over a stolen phone in Anambra, following an intelligence-led operation in Awka

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The Anambra State Police Command has arrested a 19-year-old suspect over an allegedly stolen Infinix Android phone linked to Adamawa State.

Also read: Kano Governor Praises Tinubu Over Abuja-Kano Road Project

The suspect, identified as Mustapha Sani, was arrested on October 19, 2026, by operatives of the State Intelligence Department in Awka following an intelligence-led operation, the police said.

The command’s spokesperson, SP Tochukwu Ikenga, disclosed the arrest in a statement on Thursday, adding that preliminary findings suggested the suspect had allegedly stolen mobile phones from unsuspecting victims in Adamawa before travelling to Anambra.

According to the police, the devices were reportedly intended for sale or personal use after the suspect fled the state.

“The recovered phone is currently being investigated to establish the full circumstances surrounding the alleged offence,” Ikenga said.

He added that investigators were working to determine the suspect’s alleged involvement and facilitate the return of the recovered device to its rightful owner.

The command said investigations were ongoing to establish the circumstances surrounding the alleged theft and determine whether the suspect was involved in other offences.

The Commissioner of Police in Anambra State, CP Nnanna Ama, reaffirmed the command’s commitment to combating crime, recovering stolen property and ensuring that suspects were dealt with in accordance with the law.

Ama also assured residents and visitors that the police would continue intelligence-led operations and proactive patrols to protect lives and property and maintain public order across the state.

The arrest comes amid other reported cases involving mobile phone theft and alleged financial fraud in the region.

In a separate incident, the Borno State Police Command reportedly arrested six suspects over the alleged theft of a mobile phone and the unlawful withdrawal of N5.65m from the owner’s bank account.

The victim, identified as Abba K., reportedly told police that his Infinix Smart 8 phone went missing from his pocket after he alighted from a commercial tricycle on October 13, 2026, along Damboa Road in Maiduguri.

The Borno case remains separate from the Anambra investigation.

The Anambra police have not disclosed whether the 19-year-old suspect has been charged in court.

Also read: Kano Governor Praises Tinubu Over Abuja-Kano Road Project

He remains presumed innocent unless proven guilty.

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Houthi Attacks: US Orders Staff, Families Out of Saudi Arabia

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The US orders non-essential embassy staff and families to leave Saudi Arabia as Houthi attacks intensify, causing deaths and disrupting travel (more…)

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Education

Nigerian Universities Eye Global Ranking Gains From 2027

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Nigerian universities global rankings could improve from 2027, Peter Okebukola says, citing research citations, competition and new assessment criteria

Nigerian universities could achieve record-breaking performances in global rankings from 2027, according to the Chairman of the Nigerian Tertiary Education and Research Analysis Committee, Emeritus Professor Peter Okebukola, who cited increased institutional competition, growing research citations and a new national ranking framework.

Also read: Tinubu: Strong Corporate Governance Must Go Beyond Compliance to Secure Institutional Future

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Okebukola made the projection at a meeting of NiTERAC and directors of academic planning on Wednesday, October 21, 2026, according to a statement issued on Thursday.

He attributed the anticipated gains partly to the Federal Government’s efforts to strengthen how tertiary institutions are assessed, including a mandatory national ranking exercise introduced by the Minister of Education, Dr Tunji Alausa, on September 1, 2026.

According to Okebukola, the exercise is encouraging federal, state and private universities to publicise their achievements in teaching, research and community service.

He said the initiative had intensified competition among institutions, including those that had previously done little to showcase their performance.

“This mandatory directory has caused mass mobilisation of tertiary institutions in the country to gear up for the 2026 national ranking exercise,” he said.

The NiTERAC chairman also pointed to the growing participation of Nigerian academics on Google Scholar and other citation-tracking platforms as a potential driver of improved international visibility.

He said increased participation had expanded the country’s available citation data, which could contribute to stronger performances in international university rankings from 2027.

Research output and citations feature directly or indirectly in several global ranking systems, although the extent to which they affect an institution’s position varies by ranking provider and methodology.

Okebukola identified the design of the 22 indicators for the 2026 national rankings as another important factor.

He said the indicators drew on four leading international ranking systems, exposing Nigerian institutions to performance measures used globally.

He added that the national ranking exercise had reached the 12th stage of a 17-step process, while assessments of polytechnics and colleges of education were also progressing.

The committee expects to complete the rankings for all categories by December 15, 2026. Okebukola said the results would be published after the Minister of Education approves NiTERAC’s recommendations.

Beyond the 2026 exercise, the committee plans to introduce thematic rankings from 2027, with a stronger emphasis on how tertiary institutions contribute to Nigeria’s development priorities.

The proposed approach would assess not only conventional academic performance but also the practical application of knowledge, graduate capabilities and innovations that address real-world challenges.

Okebukola said the indicators could include innovations developed within the preceding two years, such as patents secured, new products created and processes introduced to tackle national development problems.

He linked the proposal to calls for graduates who can apply their knowledge competently and ethically to create value for society.

He cited United Nigeria Airlines Chairman, Professor Obiora Okonkwo, who made a similar argument during the 14th convocation lecture of Afe Babalola University in Ado-Ekiti.

According to Okebukola, the proposed thematic rankings could also offer a model for other African countries pursuing the African Union’s Agenda 2063, the continent’s long-term development framework.

The initiative comes amid continuing pressure on Nigerian universities to improve research productivity, international visibility, graduate employability and their contribution to economic and social development.

However, the projected improvement in global rankings remains an expectation rather than a confirmed outcome.

Also read: Tinubu: Strong Corporate Governance Must Go Beyond Compliance to Secure Institutional Future

Actual performance will depend on universities’ results and the methodologies applied by international ranking organisations.

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