Abuja Businessman Arrested by EFCC Over Alleged $120 Million Fraud, Transfers to Children Under Probe

The Economic and Financial Crimes Commission has arrested an Abuja-based businessman, Innocent Ozoemena Ezuma, over allegations that he defrauded a Ukrainian investor of more than $120m in a scheme allegedly spanning nearly two decades.

The 57-year-old businessman was arrested in Abuja on Monday, October 19, 2026, and remains in the commission’s custody, according to the EFCC spokesman, Dele Oyewale, who confirmed the arrest on Tuesday.

Ezuma is being investigated for alleged advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.

The arrest reportedly followed collaboration with international investigators and information supplied by whistleblowers within his organisation.

According to details of the investigation, the EFCC alleges that Ezuma received tens of millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were allegedly never executed.

The funds were reportedly diverted for personal use, prompting investigators to examine the businessman’s financial transactions and alleged movement of money to companies and individuals linked to him.

Particular attention has been drawn to transactions involving his children and other associates, with investigators suspecting that some of the transfers may have been part of a money-laundering scheme.

One of the companies under scrutiny is Battregen Limited, reportedly controlled by Ezuma’s 28-year-old son, Bogdan Ekene Ezuma.

Investigators allegedly discovered that the company received N1.365bn in purported loans between February and April 2025, despite recording no revenue during the period.

The EFCC is also examining an alleged N953m transfer to the younger Ezuma in July 2025, out of which only N90m was reportedly returned.

Further investigations allegedly uncovered transfers ranging from N48m to N50m to Ezuma’s 26-year-old daughter, Bozhena Ezuma, as well as a relative and business associate, Victor Ezuma.

The payments reportedly lacked identifiable legitimate business purposes, according to the details of the allegations.

The commission is expected to establish the sources of the funds, the purposes of the transactions and whether the recipients were knowingly involved in any alleged financial crime.

The investigation also centres on the businessman’s dealings with the Ukrainian investor, who reportedly suffered substantial asset losses following Russia’s invasion of Ukraine in 2022.

Investigators allege that Ezuma subsequently entered into business dealings with Inter RAO UES, a Russian state-owned enterprise, involving mineral exploitation and energy projects.

The circumstances surrounding the transactions, including the movement of funds and the status of the proposed projects, are part of the allegations being examined.

The case also extends to Ezuma’s earlier business activities in Ukraine and Nigeria, suggesting that investigators are examining a broader pattern of business dealings dating back to the mid-2000s.

In another allegation, Ezuma was accused of persuading two Ukrainian businessmen to provide funds for the privatisation of the Jos Steel Rolling Mill in Plateau State.

The allegations state that he subsequently assumed exclusive control of the facility, stripped it of assets and abandoned hundreds of workers without paying their wages.

The claims, if established, could expose further details about the businessman’s earlier commercial activities and the circumstances surrounding the collapse of the steel facility.

A document detailing the allegations also claimed that Ezuma remained in Nigeria despite an Interpol red notice.

However, the circumstances surrounding the reported notice and its current status were not independently established in the material available.

The EFCC’s investigation is expected to determine the extent of the alleged financial transactions, identify the beneficiaries of the funds and establish whether criminal offences were committed