The billionaire had been previously implicated in a fraud saga with Nigerian National Petroleum Corporation, NNPC.
He was accused of embezzling funds from an illegal sale of crude oil saved in his facility.
One of his staff working on a project site in Anambra confirmed the arrest to Daily Post. He said news of the arrest was quietly discussed by his superiors on Thursday morning.
“The news is true. Our bosses wore long faces this morning. They have not said anything to us yet”, the source said.