Energy and Metals Industries Limited (EMI) has challenged media reports alleging that its Co-Founder, Dr. Innocent Ozoemena Ezuma, defrauded a foreign investor of approximately $120 million, insisting that the dispute stems from a longstanding investment and project-development relationship supported by formal agreements, regulatory approvals and documented milestones.

ABUJA, November 3, 2026 – Energy and Metals Industries Limited (EMI) has issued a detailed response to allegations circulating in the media against its Co-Founder, Dr. Innocent Ozoemena Ezuma, over an alleged $120 million investment fraud involving mining and power generation projects in Nigeria.

The company described the reports as misleading and incomplete, arguing that they fail to reflect the contractual, corporate, financial and regulatory framework governing its relationship with the foreign investment partners.

In a statement addressing the controversy, EMI maintained that the business relationship was established through formal investment agreements designed to facilitate mining, energy and industrial development in Nigeria, rather than through a personal financial transaction involving its Co-Founder.

The company said a proper assessment of the allegations requires an examination of the original investment agreements, corporate arrangements, project-development activities and judicial proceedings arising from the commercial relationship.

EMI also called for fairness, accuracy and due process, warning against the circulation of unsubstantiated allegations capable of damaging individual and corporate reputations.

EMI Cites 2008 Investment Agreement in Response to $120 Million Allegation

According to the company, the investment relationship dates back to March 23, 2008, when the parties executed a Memorandum of Understanding (MoU) in Kyiv, Ukraine.

The agreement provided for the establishment and development of Energy and Metals Industries Limited in Nigeria, with a mandate to acquire mineral exploration and extraction licences and develop facilities for mineral production and processing.

The proposed investment portfolio was valued at up to $1.5 billion. Under the arrangement, approximately 20 per cent of the proposed investment was expected to be contributed by the investor through interest-free credits, while the remaining funding was to be sourced from independent financial institutions.

The MoU also contemplated equal participation in the company’s capital by the authorised representatives of the founders.

The investment framework was subsequently complemented by a Corporate Agreement dated January 30, 2013, which provided for the development of a coal-fired power generation project at Itobe, Kogi State.

EMI said these agreements are central to understanding the commercial relationship and should be considered before drawing conclusions about the disputed investment.

The company therefore rejects the characterisation of the relationship as a straightforward case of personal indebtedness or alleged misappropriation of funds by Dr. Ezuma.

It further maintains that the approximately $120 million allegation must be assessed against the executed agreements, agreed investment structure and relevant financial and corporate records.

25-Year Mining Lease Strengthens EMI’s Defence of Project Development Claims

One of the company’s major arguments concerns the regulatory approvals and mining rights obtained for its mineral exploration and development activities.

EMI disclosed that the Federal Ministry of Mines and Steel Development, now the Ministry of Solid Minerals Development, granted reconnaissance permits, exploration licences and mining leases covering mineral resources including copper, gold, lead and zinc.

According to the company, one of the mining leases became effective on September 10, 2014, and remains valid until September 9, 2039.

The 25-year lease, EMI said, represents a significant regulatory milestone in the development of its mineral-resource portfolio.

The company argues that the approvals demonstrate that its mining projects progressed beyond preliminary discussions and conceptual planning into formal regulatory and technical development.

Kogi Mining Project Recorded 57 Boreholes and Extensive Exploration Activities

EMI also presented details of exploration and technical work undertaken at its Kogi mining project.

According to the company, the exploration programme included:

• 57 boreholes covering a combined drilling distance of 6,025 metres.
• 11 trenches measuring approximately 970 metres.
• 78 test pits.
• Geological mapping.
• Geophysical surveys.

The company said the activities contributed to technical resource evaluations, mineral resource estimates, technical reports and pre-project feasibility studies.

These activities, it argued, provide evidence of substantive work undertaken towards developing the mineral assets.

Zamfara Gold Exploration Included Geochemical Sampling and Resource Assessment

In Zamfara State, EMI reported extensive exploration activities focused on assessing the area’s gold mineral potential.

The programme reportedly included geological mapping, 385 soil geochemical samples, geophysical surveys, trench investigations and shallow prospect workings.

The company also disclosed that preliminary exploration work produced an inferred gold resource estimate.

EMI stated that its exploration programmes underwent technical reviews by SRK Exploration Services of the United Kingdom and CSA Global of Australia.

These reviews included assessments of sampling procedures and quality assurance protocols.

The company acknowledged that the 2015 technical study identified further work required before a final investment decision could be reached. Such work included additional drilling, metallurgical testing, environmental assessments and comprehensive feasibility studies.

However, EMI maintains that the exploration activities and independent technical reviews demonstrate that meaningful project-development work had taken place.

Itobe Coal Power Project Secured 300MW NERC Licence

Beyond mining, EMI highlighted progress on its proposed power generation investment in Kogi State.

The company’s power development partner, Itobe-1 Coal Power Limited, obtained a Nigerian Electricity Regulatory Commission (NERC) licence for the development of a 300-megawatt grid-connected coal-fired power generation project.

According to EMI, the licence became effective in December 2014 and was subsequently renewed until September 29, 2031.

The company considers the power generation licence another important regulatory milestone demonstrating progress towards the original investment objectives.

EMI said the mining licences, exploration activities, technical assessments and power generation approvals collectively challenge suggestions that the investment relationship produced no meaningful project-development outcomes.

EMI Rejects Unsubstantiated Claims of Investment Fund Diversion

The company also addressed allegations that investment funds were diverted to companies and individuals allegedly associated with Dr. Ezuma, including members of his family.

EMI disputed attempts to present such claims as established facts without a comprehensive examination of the relevant transactions, commercial purposes, corporate entities and supporting financial records.

According to the company, business or family associations alone do not constitute proof of financial misconduct.

It argued that allegations involving specific financial transfers should be supported by verifiable evidence and assessed within the appropriate corporate and contractual context.

EMI further expressed concern about the reputational consequences of publicly associating private individuals with alleged financial wrongdoing without sufficient evidence.

The company said it remains prepared to provide relevant corporate, investment and project documentation through appropriate lawful processes.

Jos Steel Mill Acquisition: EMI Provides Historical Context

EMI also addressed references to the Jos Steel Mill in media reports concerning the allegations against its Co-Founder.

The company said discussions about its industrial development activities must take into account the broader realities of operating in Nigeria’s industrial sector.

According to EMI, it led the transaction team responsible for acquiring the assets of the defunct Jos Steel Rolling Company Limited in 2005, three years before the investment relationship formalised in 2008.

The company further stated that Zuma Steel West Africa Limited (ZSWL) acquired the assets of the defunct Jos Steel Rolling Company Limited from the Federal Government following a court-supervised liquidation process guided by the Bureau of Public Enterprises (BPE).

The acquisition was subsequently formalised through an Asset Purchase Agreement.

EMI’s position is that the Jos Steel transaction should be understood within its historical and commercial context, rather than presented in a manner that obscures the sequence of events and the separate transactions involved.

EMI Calls for Fairness, Accuracy and Due Process

As the controversy continues to attract media attention, Energy and Metals Industries Limited has urged journalists, stakeholders and members of the public to approach the allegations with caution.

The company insists that the dispute involves a longstanding commercial investment relationship governed by formal agreements and supported by documented mining, energy and industrial project-development activities.

It maintains that the allegations against Dr. Innocent Ezuma should not be treated as established facts without a proper examination of the relevant evidence and applicable legal processes.

EMI reiterated its commitment to providing documentary records through appropriate channels, while calling for responsible reporting that distinguishes between allegations, contractual disagreements and established findings of law.

The company said fairness, factual accuracy and due process remain essential to ensuring that legitimate commercial disputes do not become grounds for unjust reputational damage.

As the matter continues to unfold, the central issue, according to EMI, is the need for the complete documentary and commercial history of the investment relationship to be considered before conclusions are reached.