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

According to sources at the EFCC headquarters in Abuja, Ajudua was apprehended on Tuesday following a Supreme Court order issued on Friday, May 5, 2025, which revoked his bail and directed that he be remanded in a Correctional Service facility.

"Operatives of the Economic and Financial Crimes Commission 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," a highly placed source at the anti-graft agency revealed.

Decades-Long Legal Battle

Ajudua's legal troubles date back to 1993 when he was first accused of defrauding a German businessman of $1.43 million. In 2016, the EFCC filed a 28-count charge against him for conspiracy and obtaining money by false pretences.

The case has faced numerous delays over the years, including health-related bail applications and a failed arrest attempt in 2007. The Supreme Court's decision to revoke his bail came after an earlier ruling by the Court of Appeal, Lagos Division, which had granted him bail.

Reports indicate that Ajudua may have attempted to abscond prior to his arrest, raising concerns about the enforcement of judicial orders and the effectiveness of compliance mechanisms in high-profile cases.

The arrest marks a significant development in one of Nigeria's longest-running fraud cases and reflects the judiciary's determination to uphold accountability in high-profile financial crime cases.

At the time of filing this report, the EFCC had not issued an official statement regarding Ajudua's arrest.