EFCC Arrests Abuja Businessman Over Alleged $120m Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja businessman, Innocent Ozoemena Ezuma, over allegations that he defrauded a Ukrainian investor of more than $120 million.

The commission alleges that the fraud spanned nearly two decades and involved mineral exploration and power projects that never materialised.

An EFCC source confirmed that operatives arrested the 57-year-old businessman in Abuja on Monday, October 19. The commission’s spokesperson, Dele Oyewale, also confirmed the arrest.

Investigators are probing allegations of advance fee fraud, criminal breach of trust, conversion of funds, obtaining money under false pretences, theft and money laundering.

According to the allegations, Ezuma collected tens of millions of dollars from the Ukrainian investor between 2007 and 2015. The funds reportedly covered proposed energy and mineral projects.

Investigators suspect that he diverted the money for personal use. They have also traced billions of naira in suspicious transfers to companies and individuals linked to him, including members of his family.

One company under scrutiny is Battregen Limited, which investigators link to his 28-year-old son, Bogdan Ekene Ezuma. The EFCC suspects that the firm served as a channel for laundering funds.

Between February and April 2025, Battregen reportedly received N1.365 billion in purported loans despite recording no revenue.

Investigators also traced an alleged transfer of N953 million to the younger Ezuma in July 2025. He reportedly returned only N90 million.

The probe identified further transfers ranging from N48 million to N50 million to Ezuma’s 26-year-old daughter, Bozhena Ezuma, and a relative and business associate, Victor Ezuma.

Investigators reportedly found no legitimate business purpose for the transactions.

The commission is widening its investigation and has urged members of the public and the businessman’s former associates to provide information that could assist its inquiries.

The case also involves the Ukrainian investor’s business interests and assets, which reportedly suffered significant losses after Russia invaded Ukraine in 2022.

Investigators allege that Ezuma later pursued mineral exploitation and energy projects through dealings with Inter RAO UES, a Russian state-owned energy company.

The allegations also extend to his earlier business dealings in Ukraine and Nigeria.

In the mid-2000s, Ezuma allegedly persuaded two Ukrainian businessmen to finance the privatisation of the Jos Steel Rolling Mill in Plateau State.

He allegedly took exclusive control of the facility, stripped it of assets and abandoned hundreds of workers without paying their wages.

Case documents also accuse him of shooting and seriously injuring a business partner during a confrontation in Ukraine on April 28, 2008. The documents allege that he fled to Nigeria after the incident.

According to the documents, Ezuma has remained in Nigeria despite an Interpol red notice.

The allegations remain subject to investigation, and the claims against Ezuma have not been established in court.