The Economic and Financial Crimes Commission, EFCC, has arrested Innocent Ozoemena Ezuma, an Abuja-based businessman accused of defrauding a Ukrainian investor of more than $120 million in a scheme allegedly spanning nearly two decades.
Ezuma, 57, was arrested in Abuja on Monday, October 19. An official of the anti-graft agency who did not want to be named confirmed that the businessman was taken into custody on Monday.
He faces allegations of advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
Ezuma's arrest followed collaboration with international investigators and information provided by whistle-blowers within his organisation, according to details of the case.
The EFCC alleges that Ezuma obtained more than $120 million from the investor between 2007 and 2015 for mineral exploration and power projects that were never delivered. The funds were allegedly diverted for personal use.
The commission also uncovered alleged transfers of billions of naira to companies and individuals linked to Ezuma, including his children.
His 28-year-old son, Bogdan Ekene Ezuma, controls Battregen Limited, which investigators describe as a conduit for laundering funds.
Between February and April 2025, Battregen reportedly received N1.365 billion in purported loans despite recording no revenue.
In July 2025, a further N953 million was allegedly transferred to the younger Ezuma, of which only N90 million was returned.
Investigators also identified transfers of between N48 million and N50 million to Ezuma's 26-year-old daughter, Bozhena Ezuma, and a relative and business associate, Victor Ezuma. They reportedly found no legitimate business purpose for the payments.
The EFCC is expanding its investigation and has appealed to members of the public and the businessman's former associates to provide further information.
The case concerns a Ukrainian investor who reportedly lost substantial assets following Russia's invasion of Ukraine in 2022.
Investigators allege that Ezuma subsequently entered into dealings with Inter RAO UES, a Russian state-owned enterprise, for mineral exploitation and energy projects.
The allegations also extend to his earlier business dealings in Ukraine.
In the mid-2000s, Ezuma allegedly persuaded two Ukrainian businessmen to finance the privatisation of Jos Steel Rolling Mill in Plateau State before taking exclusive control of the facility, stripping it of assets and abandoning hundreds of workers without wages.
He also allegedly shot and seriously wounded one of his business partners during a confrontation in Ukraine on April 28, 2008, before fleeing to Nigeria.
The document detailing the allegations says Ezuma has remained in Nigeria despite an Interpol red notice.
