The Economic and Financial Crimes Commission (EFCC) has taken Fred Ajudua, a prominent Lagos businessman, into custody following a Supreme Court ruling on May 5, 2025. Ajudua, who is accused of defrauding a German businessman of $1.43 million in 1993, was arrested in Abuja on Tuesday. The Supreme Court’s decision to revoke his bail came after an earlier ruling by the Court of Appeal in Lagos that had granted him temporary release.
EFCC officials confirmed Ajudua’s arrest, stating that he would be held in custody ahead of his re-arraignment for the alleged fraud. This legal setback marks the latest twist in a long-running battle between Ajudua and the EFCC, which dates back to the 1990s. The businessman has faced multiple fraud allegations over the years, including defrauding two Dutch nationals of $1.69 million and swindling former Chief of Army Staff Lt.-Gen. Ishaya Bamaiyi of $8.4 million in 2004 while both were imprisoned.
Ajudua’s case has been delayed several times due to various factors, including health-related bail requests and an unsuccessful arrest attempt in 2007. The EFCC continues to pursue charges of conspiracy and obtaining money under false pretenses, with the case still unresolved despite a 2016 filing of 28 charges against him.
EFCC spokesperson Dele Oyewale declined to comment further on the recent arrest.
