Dr. Innocent Ozoemena Ezuma
Energy and Metals Industries Limited (EMI) has rejected allegations of fraud against its co-founder, Dr. Innocent Ozoemena Ezuma, insisting that reports linking him to the alleged diversion of approximately $120 million belonging to a foreign investor misrepresent a longstanding commercial and investment relationship.
According to the company, the relationship began with a Memorandum of Understanding (MoU) executed on March 23, 2008, in Kyiv, Ukraine. The agreement provided for the establishment and development of EMI, with an investment portfolio of up to $1.5 billion for mineral exploration, extraction, production and processing.
The proposed investment structure envisaged approximately 20 per cent of the funding from the investor through interest-free credits, while the balance was expected to come from independent financial institutions.
The arrangement 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.
Addressing claims that the projects were never implemented or that little was achieved despite the investment relationship, EMI said substantial regulatory, exploration and technical milestones were recorded over the years.
It 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 for copper, gold, lead and zinc exploration and extraction.
According to the company, the mining lease became effective on September 10, 2014, and remains valid until September 9, 2039.
It noted, however, that further drilling, metallurgical testing, environmental assessments and full feasibility studies were identified as necessary steps towards a final investment decision.
On the power generation component, EMI disclosed that Itobe-1 Coal Power Limited obtained a Nigerian Electricity Regulatory Commission (NERC) licence for a 300-megawatt on-grid coal-fired power project.
The licence, which became effective in December 2014, was subsequently renewed until September 29, 2031.
EMI said these developments demonstrated that the projects had progressed beyond the conceptual stage, contrary to suggestions that no meaningful activities had taken place.
The company also drew attention to ongoing judicial proceedings arising from the commercial relationship.
It disclosed that EMI was a respondent in London Court of International Arbitration (LCIA) Arbitration No. 194203, involving Tooley Property Company Limited v. Energy and Metals Industries Limited, one of five arbitral awards dated January 17, 2020.
According to EMI, the Zuma companies have, since March 2020, challenged the five arbitral awards before the High Court of the Federal Capital Territory, Abuja, in Suit No. FCT/HC/CV/001/2020, citing alleged illegality, misconduct and lack of jurisdiction.
EMI urged media organisations to distinguish between allegations and facts established by competent courts, consider the executed investment agreements and corporate structure, acknowledge the project’s regulatory and technical milestones, and provide affected parties with a fair opportunity to respond.
It also appealed to members of the public to avoid drawing premature conclusions while the issues remain subject to legal and investigative processes.
It stressed that commercial disagreements should not automatically be equated with criminal wrongdoing, adding that the outcome should ultimately be determined by documentary evidence and appropriate legal processes.
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