The businessman is being investigated over allegations including advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretences, theft and money laundering.
According to the allegations, Ezuma received more than $120 million from the investor to finance mineral exploration and energy projects that were never delivered. Investigators suspect that the funds were diverted for personal use.
The investigation has also reportedly traced billions of naira in transactions to companies and individuals linked to the businessman, including members of his family.
One of the companies under scrutiny is Battregen Limited, which is controlled by his 28-year-old son, Bogdan Ekene Ezuma.
Investigators allege that the company received N1.365 billion in purported loans between February and April 2025, despite recording no revenue during the period.
A further N953 million was allegedly transferred to Bogdan in July 2025, with investigators reportedly establishing that only N90 million was returned.
The probe also identified transactions ranging from N48 million to N50 million involving Ezuma’s 26-year-old daughter, Bozhena Ezuma, as well as a relative and business associate, Victor Ezuma. Investigators are reportedly examining the transactions over the absence of an apparent legitimate business purpose.
The commission is said to be expanding its inquiries and has appealed to members of the public and the businessman’s former associates to provide information that could assist the investigation.
Earlier business dealings under scrutiny
The case reportedly extends beyond Nigeria to Ezuma’s alleged business dealings in Ukraine and subsequent transactions involving Inter RAO UES, a Russian state-owned energy company, over mineral exploitation and power projects.
In a separate matter dating back to the mid-2000s, Ezuma was accused of persuading two Ukrainian businessmen to provide funding for the privatisation of Jos Steel Rolling Mill in Plateau State before allegedly assuming exclusive control of the facility.
He was subsequently accused of stripping the plant of its assets and leaving hundreds of workers without their outstanding wages.
Further allegations claim that Ezuma shot and seriously injured one of his business partners during a confrontation in Ukraine on 28 April 2008, before fleeing to Nigeria.
A document detailing the allegations also claimed that he remained in Nigeria despite an Interpol red notice.
