The Economic and Financial Crimes Commission (EFCC) has arrested Abuja-based businessman Innocent Ozoemena Ezuma, 57, over allegations that he defrauded a Ukrainian investor of more than $120 million in a scheme said to have spanned nearly two decades.
An EFCC official reportedly confirmed Ezuma’s arrest in Abuja on Monday to SaharaReporters, saying he was being investigated for alleged advance fee fraud, criminal breach of trust, money laundering and other offences.
Investigators allege that Ezuma collected millions of dollars between 2007 and 2015 under the pretext of financing mineral exploration and power projects that were never delivered.
The investigation has reportedly uncovered suspicious financial transactions involving companies and relatives linked to the businessman, including transfers worth billions of naira to his children.
One of the companies under scrutiny is Battregen Limited, allegedly controlled by Ezuma’s 28-year-old son, Bogdan Ekene Ezuma.
Investigators reportedly found that the company received ₦1.365 billion in purported loans between February and April 2025, despite recording no revenue during the period.
A further ₦953 million was allegedly transferred to his son in July 2025, of which only ₦90 million was reportedly returned.
The investigation also identified transfers ranging between ₦48 million and ₦50 million to Ezuma’s 26-year-old daughter, Bozhena Ezuma, and other associates.
According to the report, the EFCC suspects that some of the transactions may have been used to move proceeds of the alleged fraud, although legitimate business explanations for some transfers had yet to be established.
The probe also extends to alleged business dealings involving Russian state-owned energy company Inter RAO UES and the privatisation of the Jos Steel Rolling Mill in Plateau State.
Ezuma allegedly took control of the facility, stripped it of its assets and left hundreds of workers without their wages.
Investigators further allege that the businessman shot and seriously wounded a business partner in Ukraine in 2008 before fleeing to Nigeria.
He reportedly remains in Nigeria despite an Interpol Red Notice issued in connection with the case.
The EFCC is said to be expanding its investigation into the alleged financial dealings and has appealed to members of the public and Ezuma’s former associates to provide relevant information that could assist the probe.
The allegations remain subject to investigation, and Ezuma is presumed innocent unless proven guilty by a court of law.
