EFCC Re-Arrests Fred Ajudua Over Alleged $1.43Million Fraud

EFCC Re-Arrests Fred Ajudua Over Alleged $1.43Million Fraud

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Lagos-based socialite and businessman, Fred Ajudua, ahead of his re-arraignment for an alleged $1.43 million fraud.

Ajudua was apprehended in Abuja on Tuesday and is currently being held in EFCC custody.

EFCC spokesperson, Dele Oyewale, declined to comment on the arrest.

Ajudua is facing long-standing charges over the alleged defrauding of a German company more than 30 years ago.

On Friday, May 9, 2025, the Supreme Court ordered Ajudua’s remand and revoked a bail previously granted by the Court of Appeal, Lagos Division.

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In a unanimous decision, the apex court ruled that the Appeal Court had erred in granting him bail and ordered his return to correctional custody.

It also directed Justice Mojisola Dada of the Lagos State High Court to resume hearing of the criminal case.

Originally, the case was heard before Justice Josephine Oyefeso of the Lagos High Court, but it was later refiled by the EFCC and reassigned to Justice Dada.

At his re-arraignment on July 6, 2018, Justice Dada rejected Ajudua’s application for bail on health grounds, noting that the case had been delayed for over 13 years.

“This is one of the oldest cases in Lagos State. Bail is refused. The defendant is to be remanded in prison custody,” she ruled.

Following that decision, Ajudua’s lawyer, Olalekan Ojo, SAN, approached the Court of Appeal in Lagos. Justice Mohammed Garba subsequently overturned the ruling, affirming that bail is a constitutional right and allowing Ajudua to remain free under previous bail conditions