Innocent Ezuma arrested over alleged $120 million fraud

The Economic and Financial Crimes Commission (EFCC) has arrested 57-year-old Abuja-based businessman Innocent Ezuma for allegedly defrauding a Ukrainian investor of more than $120 million. The investigation focuses on funds purportedly obtained between 2007 and 2015 for mineral exploration and power projects that were never executed.

Investigators are examining allegations of advance-fee fraud, criminal breach of trust, money laundering, and theft. The probe is reportedly expanding to include suspicious transfers of billions of naira to companies and individuals linked to Ezuma, including his children. One company under scrutiny, Battregen Limited, which is reportedly controlled by his son, allegedly received significant sums in purported loans despite having no recorded revenue.

The case also involves Ezuma’s past business dealings in Ukraine and Nigeria. Allegations include the misappropriation of funds intended for the privatisation of the Jos Steel Rolling Mill in Plateau State, where he reportedly stripped the facility of assets and left workers unpaid. Additionally, sources claim Ezuma was involved in a 2008 confrontation in Ukraine that resulted in the serious injury of a business partner.