The Economic and Financial Crimes Commission (EFCC) has arrested a 57-year-old Abuja-based businessman, Innocent Ozoemena Ezuma, over allegations that he defrauded a Ukrainian investor of more than $120 million in transactions involving mineral exploration and power projects.
The businessman was arrested at his Abuja residence on Monday, October 19, 2026. Confirming the development, EFCC spokesperson Dele Oyewale disclosed that the suspect remained in the Commission’s custody as investigations continued. Ezuma is being investigated over allegations of advance fee fraud, criminal breach of trust, obtaining money under false pretences, criminal conversion, theft and money laundering.
According to information emerging from the investigation, Ezuma allegedly obtained substantial funds from the foreign investor between 2007 and 2015 to finance mining and energy projects that were never executed. Investigators suspect that the funds were diverted for personal use, while billions of naira were allegedly transferred to companies and individuals connected to the businessman, including members of his family.
The investigation has also extended to financial transactions involving a company reportedly controlled by his son. The company allegedly received ₦1.365 billion in purported loans between February and April 2025 despite having no recorded revenue. Investigators are equally examining other substantial transfers to individuals linked to the suspect.
Further allegations relate to Ezuma’s involvement in the privatisation of a steel facility in Plateau State, where he reportedly secured financial backing from Ukrainian investors before allegedly taking exclusive control of the facility. He is accused of disposing of its assets and leaving several workers without their wages.
The EFCC is reportedly collaborating with international investigators as it examines the alleged cross-border transactions and traces the movement of funds. The allegations have not been established in court, and no formal charges or court proceedings had been announced as of the latest report.
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