Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Lagos-based socialite and businessman Fred Ajudua in connection with an alleged $1.43 million fraud. He was apprehended in Abuja on Tuesday and remains in EFCC custody pending his re-arraignment.
Though the EFCC has not officially commented on the arrest, its spokesperson, Dele Oyewale, declined to provide details when contacted.
Ajudua is facing trial over allegations of defrauding a German company more than 30 years ago. On May 9, 2025, the Supreme Court revoked his bail—previously granted by the Court of Appeal—and ordered his remand. In a unanimous decision, the apex court ruled that the Appeal Court erred in granting bail and directed his return to correctional custody.
The Supreme Court also instructed Justice Mojisola Dada of the Lagos State High Court to resume hearing of the long-standing criminal case.
Ajudua was originally arraigned before Justice Josephine Oyefeso of the Lagos High Court. The EFCC later re-filed the charges and the case was reassigned to Justice Dada. During his re-arraignment on July 6, 2018, Justice Dada denied him bail, citing persistent delays in the trial.
“This case is one of the oldest in Lagos State. Bail is refused, and the defendant is to be remanded in prison custody,” she ruled at the time.
Ajudua’s legal team, led by Olalekan Ojo, SAN, appealed the ruling. The Court of Appeal, presided over by Justice Mohammed Garba, overturned the lower court’s decision, affirming Ajudua’s constitutional right to bail and allowing him to remain free under previous bail conditions.
The case is now set to continue following the Supreme Court’s directive for renewed proceedings.
