The Economic and Financial Crimes Commission (EFCC) has arrested Fred Ajudua, a Lagos-based socialite and businessman, in connection with an alleged $1.43 million fraud.

The arrest took place in Abuja on Tuesday, following a Supreme Court order issued on Friday, 5 May 2025, which revoked his bail and directed that he be remanded in the Correctional Service.

A highly placed source at the EFCC headquarters in Abuja who spoke in confidence, informed Vanguard of the development on Tuesday evening.

?Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Lagos-based socialite and businessman Fred Ajudua, pending his re-arraignment for an alleged $1.43 million fraud. He was arrested in Abuja on Tuesday and is currently in EFCC custody,? the source said.

The arrest marks the latest chapter in a legal battle spanning decades between Ajudua and the anti-corruption agency. A former socialite, Ajudua has faced numerous allegations of advance-fee fraud since the 1990s.

The Supreme Court?s decision to revoke his bail followed an earlier ruling by the Court of Appeal, Lagos Division, which had granted him bail. The apex court?s ruling reflects the judiciary?s resolve to uphold accountability in high-profile fraud cases.

However, there are indications that Ajudua may have absconded prior to his arrest, raising concerns about the enforcement of judicial orders and the effectiveness of compliance mechanisms.

Ajudua?s legal troubles date back to 1993, when he was accused of defrauding a German businessman of $1.43 million.

He has since faced further allegations, including defrauding two Dutch nationals of $1.69 million between 1999 and 2000, and allegedly swindling former Chief of Army Staff, Lt.-Gen. Ishaya Bamaiyi, of $8.4 million in 2004 while both were detained at Kirikiri Prison.

In 2016, the EFCC filed a 28-count charge against him for conspiracy and obtaining money by false pretences. The case has been plagued by repeated delays, health-related bail applications, and a failed arrest attempt in 2007.

When contacted for comment, EFCC spokesperson Dele Oyewale declined to provide further details regarding the arrest. (Vanguard)

Update news