| Investigators probe mineral and power projects, transfers to family members, and controversial Jos steel mill acquisition
The Economic and Financial Crimes Commission (EFCC) has arrested Nigerian businessman and mining investor Innocent Ozoemena Ezuma over allegations that he defrauded a Ukrainian investor of more than $120 million in connection with mineral exploration and power projects that were allegedly never executed.
Ezuma, 57, was reportedly arrested at his residence in Abuja on Monday and remained in the anti-graft agency’s custody as of Tuesday, October 20, according to a report by Billionaires.Africa.
EFCC spokesperson Dele Oyewale confirmed the arrest but declined to disclose details of the investigation. Ezuma had not been charged in court as of the time of the report.
Investigators allege that the businessman received tens of millions of dollars from the unnamed Ukrainian investor between 2007 and 2015 to finance mineral exploration and energy projects in Nigeria. However, the projects were allegedly not executed, with the funds suspected to have been diverted for personal use.
The investigation is examining possible offences, including advance-fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering, according to individuals familiar with the case.
The arrest reportedly followed cooperation with foreign investigators and information supplied by whistle-blowers within Ezuma’s organisation.
EFCC Traces Billions of Naira in Transfers to Associates
Beyond the alleged foreign investment fraud, investigators are examining billions of naira transferred by Ezuma to companies and individuals linked to him, including members of his family.
One of the companies under scrutiny is Battregen Ltd., reportedly controlled by his 28-year-old son, Bogdan Ekene Ezuma.
According to the report, Battregen received ₦1.365 billion, equivalent to approximately $1 million, between February and April 2025 in transactions described as loans. Investigators reportedly questioned the transfers because the company had declared no revenue.
In July 2025, the younger Ezuma allegedly received an additional ₦953 million, valued at about $716,000, from which ₦90 million was subsequently returned.
Investigators are also examining payments ranging from ₦48 million to ₦50 million made to Ezuma’s 26-year-old daughter and a relative who is also described as a business associate.
The authorities are reportedly seeking to establish the commercial purpose of these transactions and determine whether the funds were connected to the alleged fraud.
The transfers remain part of the investigation, and the reported transactions do not, by themselves, establish wrongdoing by the recipients.
Ukrainian Investor’s Businesses Hit by War
The alleged dealings have also drawn attention to the international business relationships surrounding the case.
The Ukrainian investor’s businesses reportedly suffered substantial losses following Russia’s full-scale invasion of Ukraine in 2022.
Investigators allege that Ezuma subsequently pursued mineral and energy-related transactions through Inter RAO UES, a Russian state-controlled power company.
The investigation is expected to examine the financial arrangements surrounding the projects, the movement of funds and the identities of the parties involved.
The Ukrainian investor has not been publicly identified in the report.
Jos Steel Rolling Mill Deal Under Investigation
The EFCC is also investigating Ezuma’s alleged role in the privatisation of the Jos Steel Rolling Mill in Plateau State during the mid-2000s.
According to the report, investigators allege that Ezuma persuaded two Ukrainian businessmen to provide funds for the acquisition of the state-owned facility but subsequently assumed sole control of the mill.
He is further accused of stripping the facility of its assets and leaving hundreds of workers unpaid.
The allegations raise questions about the handling of the privatisation transaction, the ownership structure of the company that acquired the facility and the subsequent management of the steel plant.
However, the allegations remain under investigation and have not been established in court.
EFCC Seeks Information From the Public
The commission has reportedly appealed to members of the public and Ezuma’s former business associates who possess relevant information about his business dealings to come forward.
The investigation is expected to focus on the alleged movement of investment funds, transactions involving related companies and family members, and the circumstances surrounding the Jos Steel Rolling Mill acquisition.
The EFCC’s findings could determine whether formal charges will be filed and whether assets suspected to be connected to the alleged offences can be traced or recovered.
Ezuma has not been reported as having been formally charged in connection with the allegations. The accusations remain unproven, and he is presumed innocent unless proven guilty by a court of competent jurisdiction.