Nigerian Businessman Arrested Over Alleged $120m Fr@ud Against Ukrainian Investor. Investigators Probe Billions Of Naira In Transfers To His Children
The Economic and Financial Crimes Commission (EFCC) has arrested Abuja-based businessman Innocent Ozoemena Ezuma, 57, over allegations that he defr@uded a Ukrainian investor of more than $120 million in a scheme spanning nearly two decades.
An EFCC official confirmed his arrest in Abuja on Monday to SaharaReporters, saying he was being investigated for alleged advance fee fr@ud, cr+minal breach of trust, money la¥ndering and other offences.
Investigators allege that Ezuma collected millions of dollars between 2007 and 2015 under the guise of financing mineral exploration and power projects that were never delivered.
The probe reportedly uncovered suspicious transfers involving companies and relatives linked to him.
Battregen Limited, allegedly controlled by his 28-year-old son, Bogdan Ekene Ezuma, reportedly received N1.365 billion in purported loans between February and April 2025 despite recording no revenue during the period.
Another N953 million was allegedly transferred to his son in July 2025, with only N90 million returned. Investigators also identified transfers of between N48 million and N50 million to his 26-year-old daughter, Bozhena Ezuma, and other associates.
The EFCC reportedly suspects that some transactions were used to move proceeds of the alleged fr@ud, although legitimate business purposes for some transfers had yet to be established.
The investigation also concerns alleged dealings involving Russian state-owned energy company Inter RAO UES and the privatisation of the Jos Steel Rolling Mill in Plateau State. Ezuma allegedly took control of the facility, stripped it of assets and left hundreds of workers without wages.
Investigators further allege that he shot and seriously wounded a business partner in Ukraine in 2008 before fleeing to Nigeria. He reportedly remains in the country despite an Interpol red notice.
The EFCC is expanding its investigation and has appealed for information from the public and the businessman’s former associates.
