Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Lagos-based businessman and socialite, Fred Ajudua, pending his re-arraignment for allegedly defrauding a German firm of $1.43 million more than three decades ago.
Okay.ng reports that Ajudua was taken into custody by EFCC operatives on Tuesday in Abuja, following a Supreme Court ruling last Friday, May 9, 2025, which revoked his bail and ordered his remand in correctional custody.
The apex court, in a unanimous decision, held that the Court of Appeal in Lagos erred when it granted Ajudua bail, ruling instead that the businessman must return to prison custody. The justices also directed Justice Mojisola Dada of the Lagos State High Court to resume hearing in the longstanding fraud case.
Ajudua is accused of swindling a German company of over a million dollars under false pretenses in the early 1990s. His trial has been plagued by delays, adjournments, and bail controversies stretching more than 13 years.
Initially charged before Justice Josephine Oyefeso, the case was later re-filed and reassigned to Justice Dada, who denied Ajudua bail during a hearing on July 6, 2018. At the time, she declared: “This case is one of the oldest in Lagos State. Bail is refused and the defendant is to be remanded in prison custody.”
However, Ajudua’s legal team, led by Senior Advocate of Nigeria, Olalekan Ojo, secured bail at the Court of Appeal, where Justice Mohammed Garba ruled in his favor, citing the constitutional right to bail.
With the Supreme Court now reversing that decision, Ajudua’s return to custody clears the path for the EFCC to resume prosecution of the long-standing case.
When contacted, EFCC spokesperson Dele Oyewale declined to comment on the details of the arrest. However, sources within the Commission confirmed that Ajudua is currently being held in custody.
