The Economic and Financial Crimes Commission has arrested Innocent Ozoemena Ezuma, a 57 year old Abuja based businessman, over allegations that he defrauded a Ukrainian investor of more than 120 million dollars.
Ezuma was taken into custody in Abuja on Monday, 19 October 2026, following collaboration with international investigators and information from whistleblowers within his organisation. An EFCC official confirmed the arrest, and the commission’s spokesperson, Dele Oyewale, later verified that the businessman was in custody, though he declined to provide further details.
The commission alleges that Ezuma obtained the funds between 2007 and 2015 under the pretext of financing mineral exploration and power projects that were never executed. Investigators claim the money was diverted for personal use. He faces allegations of advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
The probe has also uncovered large transfers of billions of naira to companies and individuals linked to Ezuma, including members of his family. His 28 year old son, Bogdan Ekene Ezuma, controls Battregen Limited, which investigators describe as a conduit for moving funds. Between February and April 2025, the company reportedly received 1.365 billion naira in purported loans despite recording no revenue. In July 2025 a further 953 million naira was allegedly transferred to the younger Ezuma, of which only 90 million naira was returned.
Transfers of between 48 million naira and 50 million naira were also made to Ezuma’s 26 year old daughter, Bozhena Ezuma, and to a relative and business associate identified as Victor Ezuma, with no clear legitimate business purpose established for the payments.
In the mid 2000s, Ezuma is alleged to have persuaded two Ukrainian businessmen to finance the privatisation of the Jos Steel Rolling Mill in Plateau State. He is said to have subsequently taken exclusive control of the facility, stripped its assets and abandoned hundreds of workers without wages. On 28 April 2008 he is further alleged to have shot and seriously wounded a business partner in Ukraine before fleeing to Nigeria. An Interpol red notice remains active against him, yet he has continued to reside in the country.
Following Russia’s 2022 invasion of Ukraine, the original investor reportedly lost assets, after which Ezuma is said to have entered dealings with Inter RAO UES, a Russian state owned enterprise, concerning mineral exploitation and energy projects.
The EFCC is expanding its investigation and has appealed to the public and to Ezuma’s former associates for additional information. The businessman remains in custody while inquiries continue. The allegations have not yet been tested in court.
By John James
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