The Economic and Financial Crimes Commission (EFCC) has detained an Abuja-based businessman, Innocent Ozoemena Ezuma, 57, over allegations that he defrauded a Ukrainian investor of more than $120 million through mineral exploration and power projects that were allegedly never executed.
The businessman was arrested at his residence in Abuja on Monday, October 19, and remained in the commission’s custody as of Tuesday, according to reports citing EFCC spokesperson Dele Oyewale, who confirmed the arrest. The commission has not publicly provided further details of the investigation.
Sources familiar with the investigation alleged that Ezuma obtained funds from the investor between 2007 and 2015 for projects that did not materialise. The allegations under investigation include advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
Investigators are also examining billions of naira in transfers to companies and individuals linked to the businessman, including members of his family.
One company under scrutiny is Battregen Limited, controlled by his 28-year-old son, Bogdan Ekene Ezuma. Reports said the company received ₦1.365 billion in purported loans between February and April 2025 despite recording no revenue. Investigators are also examining an alleged ₦953 million transfer to the younger Ezuma in July 2025, of which ₦90 million was reportedly returned.
Other transactions reportedly under investigation include transfers ranging from ₦48 million to ₦50 million to Ezuma’s daughter, Bozhena Ezuma, and a relative and business associate, Victor Ezuma. Investigators are seeking to establish the purpose of the transactions and whether they were connected to the alleged diversion of the investor’s funds.
The investigation also extends to Ezuma’s earlier business dealings in Nigeria and Ukraine. According to reports citing investigative sources, he allegedly persuaded two Ukrainian businessmen in the mid-2000s to finance the privatisation of Jos Steel Rolling Mill in Plateau State before taking control of the facility and stripping it of assets, leaving hundreds of workers without their wages.
He was also accused of shooting and seriously injuring a business partner during a confrontation in Ukraine in April 2008. These allegations have been reported as part of the broader background to the investigation and have not been established by a court in the present case.
The EFCC is reportedly expanding its inquiries and seeking information from members of the public and the businessman’s former associates to help establish the movement of funds and the circumstances surrounding the alleged transactions.
The case involves allegations spanning several years and jurisdictions, including Nigeria and Ukraine. Investigators will need to establish the evidence linking the suspect to the alleged offences before any criminal liability can be determined.
Ezuma’s arrest and detention do not amount to a finding of guilt. He remains presumed innocent unless proven guilty by a court of law.
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