Fred Ajudua, a Lagos-based businessman and socialite, has been arrested by the Economic and Financial Crimes Commission (EFCC) in connection with a longstanding $1.43 million fraud case. The arrest was made in Abuja on Tuesday, following a Supreme Court ruling on May 5, 2025, which revoked Ajudua’s bail and ordered his remand in custody.
A source at the EFCC headquarters, speaking anonymously, confirmed the development on Tuesday evening.
According to the source, Ajudua was taken into custody pending his re-arraignment on the fraud charges.
Ajudua’s legal troubles stretch back decades, with numerous allegations of advance-fee fraud dating to the 1990s.
The current arrest follows a Supreme Court decision that overturned an earlier bail granted by the Court of Appeal in Lagos, signaling the judiciary’s intention to reinforce accountability in high-profile financial crime cases.
There are reports suggesting Ajudua may have evaded arrest for some time, prompting concerns about the enforcement of court orders and the robustness of judicial compliance mechanisms.
The fraud case that led to his initial prosecution involved a German businessman allegedly defrauded of $1.43 million in 1993.
Ajudua has also been accused of swindling two Dutch nationals of $1.69 million between 1999 and 2000, and of defrauding former Chief of Army Staff, Lt.-Gen. Ishaya Bamaiyi, of $8.4 million in 2004 during their time in Kirikiri Prison.
In 2016, the EFCC filed a 28-count charge against him for conspiracy and obtaining money under false pretences.
That case has faced multiple delays over the years, including health-related bail applications and an unsuccessful arrest attempt in 2007.
When contacted for a response, EFCC spokesperson Dele Oyewale declined to comment further on the arrest.