By Iroyin Yoruba Television
ABUJA, NIGERIA — The Economic and Financial Crimes Commission (EFCC) has arrested Abuja-based businessman Innocent Ozoemena Ezuma, 57, over allegations that he defrauded a Ukrainian investor of more than $120 million.
The businessman was arrested at his residence in Abuja on Monday, October 19, 2026, and remained in the commission’s custody as investigations continued.
The allegations under investigation include advance-fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
Investigators allege that Ezuma received funds from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were allegedly never completed. The funds were reportedly diverted for personal use.
The investigation also concerns the movement of billions of naira through companies and individuals allegedly linked to the businessman, including members of his family. Investigators are examining transactions involving Battregen Limited, a company reportedly controlled by his son.
Between February and April 2025, the company allegedly received ₦1.365 billion in purported loans despite recording no revenue during that period. Investigators also reportedly identified a transfer of ₦953 million to the businessman’s son in July 2025, of which ₦90 million was subsequently returned.
Other transactions under scrutiny reportedly include payments ranging from ₦48 million to ₦50 million to the businessman’s daughter and a relative or business associate. Investigators are examining the purposes of these transactions as part of the wider financial probe.
The investigation also extends to Ezuma’s previous business dealings in Nigeria and Ukraine, including allegations concerning the privatisation of the Jos Steel Rolling Mill in Plateau State.
Investigators allege that, during the mid-2000s, he persuaded two Ukrainian businessmen to provide financing for the privatisation of the facility before taking exclusive control of it. He is further accused of stripping the mill of assets and leaving hundreds of workers without their wages.
The allegations also include an incident in Ukraine on April 28, 2008, during which Ezuma was accused of shooting and seriously injuring a business partner before leaving the country for Nigeria. These claims have not been established by a court in the information available for this report.
The EFCC has confirmed the arrest and stated that investigations are ongoing. The commission is reportedly seeking information from members of the public and the businessman’s former associates to assist its inquiries.
The case involves serious allegations concerning international investment, financial transactions and business dealings across multiple jurisdictions. Investigators will need to establish the movement of the funds, the purposes of the transactions and the responsibilities of the individuals involved.
The investigation remains ongoing. The allegations against Innocent Ezuma have not been proven in court, and he is presumed innocent unless proven guilty through due legal process.