EFCC Probe: $120 Million Allegation Shake Abuja As Billions Of Naira Enter Family Money Matter

EFCC Probe: If money fit talk, this one fit don write full account statement finish! The Economic and Financial Crimes Commission (EFCC) don arrest Abuja businessman Innocent Ozoemena Ezuma, 57, over allegation say he defrauded one Ukrainian investor of more than $120 million. But as the EFCC Probe dey unfold, attention don shift from the alleged foreign business deal to billions of naira wey investigators dey trace through companies and people wey dem link to the businessman, including members of him family. The big question be: where the money go, and wetin the investigation go eventually establish?

EFCC Probe: Alleged $120 Million Deal Wey Leave Plenty Questions

According to reports published on October 20, 2026, EFCC spokesperson Dele Oyewale confirm say the commission arrest Ezuma for him Abuja residence on Monday, October 19, and say the businessman dey in custody while investigation continue. The allegations against am include advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering. Investigators allege say between 2007 and 2015, Ezuma collect millions of dollars from one Ukrainian investor for mineral exploration and power projects wey dem allegedly never deliver. If the allegations hold water, the matter fit become one serious international financial investigation. But make we clear this one: arrest no be conviction, and the allegations still need evidence and proper court process.

The EFCC Probe don also turn attention to alleged financial transactions involving companies and relatives connected to the businessman. One company, Battregen Limited, wey reports link to him 28-year-old son, Bogdan Ekene Ezuma, allegedly receive ₦1.365 billion as purported loans between February and April 2025, even though investigators reportedly say the company record no revenue during that period. Another alleged ₦953 million transfer to the son for July 2025 dey under investigation, with reports say ₦90 million return. Investigators reportedly identify other transfers between ₦48 million and ₦50 million involving his daughter, Bozhena Ezuma, and other associates. Na this kind transaction dey make investigators bring out their financial magnifying glass. But even though the figures big reach, investigators still need establish the source, purpose and destination of each payment before anybody fit conclude say crime happen.

EFCC Probe: From Ukraine Business Deal Reach Jos Steel Rolling Mill

The EFCC Probe reportedly extend beyond the alleged investor matter to earlier business dealings involving Russian state-owned energy company Inter RAO UES and the privatisation of Jos Steel Rolling Mill for Plateau State. According to allegations reported by Nigerian media, Ezuma allegedly persuaded Ukrainian businessmen to finance the acquisition of the facility before taking exclusive control, removing assets and leaving hundreds of workers without their wages. The allegations raise serious questions about investment agreements, industrial assets and the protection of workers when business arrangements collapse. However, older public reporting shows that Ezuma previously defended the acquisition of the steel mill, describing it as a legitimate transaction and rejecting accusations of wrongdoing. That historical response matters because professional journalism must present relevant competing accounts rather than treat allegations as settled facts.

Another serious allegation concerns an incident in Ukraine in 2008, when Ezuma was accused of shooting and seriously injuring a business partner before fleeing to Nigeria. Reports also claim that he remains in Nigeria despite an Interpol Red Notice. However, the current status of any notice has not been independently established through the material available for this report. Interpol explains that a Red Notice is a request to locate and provisionally arrest a person pending extradition or similar legal action; e no be international arrest warrant by itself, and each member country applies its own laws. As the EFCC Probe expands, investigators go need establish the facts surrounding the alleged incident, the relevant international cooperation and the financial transactions under scrutiny. Serious allegations require serious evidence, not just headlines wey fit make social media catch fire.

As the investigation continue, the public go dey expect clear answers about the alleged $120 million, the billions of naira under examination and the status of the business projects connected to the case. The EFCC don reportedly seek information from members of the public and former associates of the businessman. Anybody wey get relevant evidence fit help the investigation through appropriate official channels, but nobody suppose use rumours take pronounce judgment. For now, the EFCC Probe remain an ongoing matter, and the next important chapter go depend on verifiable evidence, the commission’s findings and any legal proceedings wey follow. For OGM News Pidgin, we go dey watch the matter closely—because when money reach this kind level, na evidence suppose do the talking, no be speculation.