 in connection with a $1.43 million fraud.){kind=link}
Fred Ajudua, a prominent Lagos businessman and socialite, has been detained by the Economic and Financial Crimes Commission (EFCC) in connection with a $1.43 million fraud.
His arrest took place in Abuja on Tuesday, following a Supreme Court ruling on May 5, 2025, which annulled his bail and ordered his remand in the Correctional Service.
An anonymous source within the EFCC confirmed the news to Vanguard on Tuesday evening, stating, “Fred Ajudua, a businessman and socialite based in Lagos, was arrested by EFCC operatives in Abuja and is now in their custody pending re-arraignment for alleged fraudulent activities.”
This development is the latest chapter in Ajudua’s protracted legal battles with the EFCC, which have spanned several decades.
The Supreme Court’s decision to revoke his bail follows a prior judgment by the Court of Appeal in Lagos, which had granted him bail. This latest ruling underscores the judiciary’s determination to pursue accountability in high-profile fraud cases.
There are suggestions that Ajudua may have attempted to flee before his arrest, raising concerns about the effectiveness of judicial order enforcement and compliance.
Ajudua’s legal issues began in 1993 when he was accused of defrauding a German businessman of $1.43 million.
He has faced additional allegations over the years, including claims that he defrauded two Dutch nationals of $1.69 million between 1999 and 2000 and allegedly swindled former Chief of Army Staff, Lt.-Gen. Ishaya Bamaiyi, of $8.4 million in 2004, while both were held at Kirikiri Prison.
In 2016, the EFCC filed a 28-count charge against Ajudua for conspiracy and obtaining money under false pretenses.
However, the case has been delayed several times, with requests for medical bail and a failed arrest attempt in 2007.
EFCC spokesperson Dele Oyewale declined to comment further when contacted regarding the arrest.