EFCC Arrests Abuja Businessman Over Alleged $120m Fraud

(EFCC Officials. Photo by The Guardian Nigeria News)
The Economic and Financial Crimes Commission has arrested Innocent Ozoemena Ezuma, a 57 year old businessman based in Abuja.

He was picked up on Monday, October 19.

The EFCC says Ezuma took more than $120 million from a Ukrainian investor between 2007 and 2015.

The money was meant for mineral exploration and power projects that were never delivered.

Investigators allege he used the funds for personal expenses.

The investor reportedly lost large assets after Russia invaded Ukraine in 2022.

The agency also says billions of naira were moved to companies and people linked to Ezuma, including his children.

One firm, Battregen Limited, is run by his 28 year old son.

Investigators say it received 1.365 billion naira in purported loans between February and April 2025, even though it had no revenue.

In July 2025, another 953 million naira went to the son, and only 90 million was paid back.

His 26 year old daughter and a business associate also received between 48 and 50 million naira each, and the EFCC found no real business reason for those payments.

Ezuma faces charges that include advance fee fraud, theft and money laundering.

The EFCC says he later dealt with Inter RAO UES, a Russian state owned company, over mineral and energy projects. Older allegations also link him to a steel mill in Jos, Plateau State.

Investigators say he took control of the mill after getting money from two Ukrainian partners and then stripped it of assets, leaving hundreds of workers unpaid.

They also say he seriously wounded one of those partners in Ukraine in 2008 and fled to Nigeria.

He has stayed in the country despite an Interpol red notice.

The EFCC is still investigating and has asked the public and his former associates to share any information they have.