The Economic and Financial Crimes Commission (EFCC) has detained an Abuja businessman, Innocent Ezuma, over allegations that he defrauded a Ukrainian investor of more than $120 million in a scheme allegedly spanning several years.
EFCC spokesman, Dele Oyewale, confirmed the development to the News Agency of Nigeria (NAN) in Abuja on Tuesday, saying the suspect was arrested at his residence in Abuja on Monday and had remained in custody.
Oyewale, however, declined to provide further details.
A source at the commission, who is familiar with the investigation, said Ezuma was being investigated for alleged advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
According to the source, the arrest followed collaboration with international investigators and information provided by whistle-blowers within the suspect’s organisation.
The source alleged that Ezuma obtained millions of dollars from the Ukrainian investor between 2007 and 2015 to finance mineral exploration and power projects that were never executed, adding that the funds were allegedly diverted for personal use.
The investigation reportedly uncovered transfers amounting to billions of naira to companies and individuals linked to the businessman, including his children.
The source alleged that Ezuma’s 28-year-old son controls Battregen Limited, which investigators suspect was used as a conduit for laundering funds.
Between February and April 2025, Battregen reportedly received about N1.4 billion in purported loans despite recording no revenue.
In July 2025, a further N953 million was allegedly transferred to the businessman’s son, of which only N90 million was reportedly returned.
Investigators also identified transfers ranging from N48 million to N50 million to Ezuma’s 26-year-old daughter, as well as a relative and a business associate.
The source said investigators had yet to establish any legitimate business purpose for the payments.
The commission is reportedly expanding its investigation and has appealed to members of the public and the businessman’s former associates to provide information that could assist the inquiry.
The source added that the case involved a Ukrainian investor who reportedly lost substantial assets following Russia’s invasion of Ukraine in 2022.
Investigators alleged that Ezuma subsequently entered into business dealings with Inter RAO UES, a Russian state-owned enterprise, involving mineral exploitation and energy projects.
The allegations also extend to the businessman’s earlier business activities in Ukraine.
According to the source, Ezuma allegedly persuaded two Ukrainian businessmen in the mid-2000s to finance the privatisation of Jos Steel Rolling Mill in Plateau State before taking exclusive control of the facility, stripping it of assets and abandoning hundreds of workers without their wages.
The source further alleged that Ezuma shot and seriously wounded one of his business partners during a confrontation in Ukraine on April 28, 2008, before fleeing to Nigeria.
The source told NAN that a document detailing the allegations indicated that Ezuma had remained in Nigeria despite an Interpol Red Notice.
