The Reuters news agency quoted sources saying that between 100 and 200 Russians were estimated to have arrived in the past two months.
It said some were likely to be part of the Corps Africa, a paramilitary force previously known as Wagner before being renamed and officially coming under Russian military control.
There have been other reports of sightings of the mercenaries in both Malabo and Bata, also indicating that they were there to protect the president and his family.
The tiny country with a population of 1.7 million is led by President Teodoro Obiang Nguema Mbasogo, the world’s longest-serving president who has been in power since 1979.
His son, Teodoro Obiang Mangue, who is known for his lavish lifestyle, is the country’s vice-president.
He has been at the centre of scandals around the world, and has been the subject of criminal charges and sanctions.
The Equatorial Guinean administration has faced criticism for its human rights record, including arbitrary killings and torture, according to a US government report.
The country has been trying to broker military deals as well as gas and mineral exploration agreements with Russia and Belarus. It has had similar deals with China in the past.
Both the Equatorial Guinea president and the vice-president have made several visits to Russia in the recent past.
In September, President Obiang thanked Russian President Vladimir Putin for sending instructors to strengthen Equatorial Guinea’s defence, according to state news agency TASS.
On Wednesday, Tutu Alicante, a US-based human rights activist from Equatorial Guinea, told US state broadcaster VOA that the alleged military presence in the country could undermine US geopolitical interests.
He said that the Russia was “definitely flexing its military and economic muscles on the ground” through the physical presence of troops in the country.
The US has in the past had investments including in the country’s energy sector but the interest has waned.
Some countries in West Africa that have had coups in recent years have moved away from traditional Western allies like France, accusing them of not doing enough to quash jihadist insurgencies, while seeking closer ties with Russia.
Additional reporting by Ines Silva
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