The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based businessman, Innocent Ozoemena Ezuma, over allegations that he defrauded a Ukrainian investor of more than $120 million.
Ezuma, 57, was arrested at his residence in Abuja on Monday, October 19, 2026, and remained in the commission’s custody as of Tuesday. EFCC spokesperson Dele Oyewale confirmed the arrest but declined to disclose further details of the investigation.
According to reports, the businessman is being investigated for alleged advance-fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
Investigators allege that Ezuma received tens of millions of dollars from a Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were never completed. The funds were allegedly diverted for personal use, prompting investigators to examine financial transactions involving companies and individuals linked to the businessman.
The investigation has also extended to alleged transfers worth billions of naira to people and companies connected to Ezuma, including his children. One company under scrutiny is Battregen Limited, reportedly controlled by his 28-year-old son, Bogdan Ekene Ezuma.
Investigators are examining reports that Battregen Limited received ₦1.365 billion in purported loans between February and April 2025, despite recording no revenue during the period. A separate transaction involving an alleged transfer of ₦953 million to the younger Ezuma in July 2025 is also being investigated. Reports state that ₦90 million was subsequently returned.
Other transactions reportedly under review 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 payments and whether they were connected to any alleged financial offences.
The probe also covers the businessman’s earlier commercial dealings in Nigeria and Ukraine. According to reports, Ezuma allegedly persuaded two Ukrainian businessmen in the mid-2000s to finance the privatisation of the Jos Steel Rolling Mill in Plateau State. He was subsequently accused of taking exclusive control of the facility, stripping it of assets and leaving hundreds of workers without their wages.
In another allegation, Ezuma was accused of shooting and seriously injuring a business partner during a confrontation in Ukraine on April 28, 2008, before fleeing to Nigeria. The circumstances surrounding that allegation form part of the broader claims reported in connection with his past business activities.
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