The Economic and Financial Crimes Commission (EFCC) has arrested Abuja businessman Innocent Ozoemena Ezuma over allegations that he defrauded a Ukrainian investor of more than $120 million in a scheme spanning nearly two decades.

A source within the commission confirmed that operatives arrested the 57-year-old businessman on Monday, October 19, in Abuja.

The allegations against Ezuma include advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.

The arrest followed cooperation with international investigators and information from whistle-blowers within his organisation, according to details of the investigation.

The EFCC alleges that Ezuma collected tens of millions of dollars from the investor between 2007 and 2015. The funds reportedly covered mineral exploration and power projects that never materialised.

Investigators suspect that he diverted the money for personal use. They also traced billions of naira in alleged transfers to companies and individuals linked to him, including his children.

One of the companies under investigation is Battregen Limited, controlled by his 28-year-old son, Bogdan Ekene Ezuma. Investigators suspect that the company served as a channel for laundering funds.

Between February and April 2025, Battregen reportedly received N1.365 billion in purported loans despite recording no revenue.

In July 2025, investigators also traced an alleged transfer of N953 million to the younger Ezuma. He reportedly returned only N90 million.

The investigation further identified transfers ranging from N48 million to N50 million to Ezuma’s 26-year-old daughter, Bozhena Ezuma, and a relative and business associate, Victor Ezuma.

Investigators reportedly found no legitimate business purpose for the payments.

The commission is expanding its probe and has urged members of the public and the businessman’s former associates to provide information that could assist the investigation.

The case also involves the Ukrainian investor’s business interests and assets, which reportedly suffered significant losses following Russia’s invasion of Ukraine in 2022.

Investigators allege that Ezuma subsequently pursued mineral exploitation and energy projects through dealings with Inter RAO UES, a Russian state-owned enterprise.

The allegations also reach back to his earlier business activities in Ukraine and Nigeria.

In the mid-2000s, Ezuma allegedly persuaded two Ukrainian businessmen to finance the privatisation of Jos Steel Rolling Mill in Plateau State.

He allegedly took exclusive control of the facility, stripped it of assets, and abandoned hundreds of workers without paying their wages.

The case documents also accuse him of shooting and seriously injuring one of his business partners during a confrontation in Ukraine on April 28, 2008. He allegedly fled to Nigeria after the incident.

According to the documents, Ezuma has remained in Nigeria despite an Interpol red notice.