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

He was arrested in Abuja on Tuesday and is in the custody of the EFCC.

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

Ajudua, is standing trial for allegedly defrauding a German company over three decades ago.

The Supreme Court had on Friday, May 9, 2025, ordered his remand and revoked a bail granted him by the Court of Appeal, Lagos Division.

In a unanimous ruling, the apex court held that the Appeal Court erred in granting bail and ordered Ajudua’s return to correctional custody.

The court also directed trial judge, Justice Mojisola Dada, of the Lagos State High Court, to resume hearing of the criminal case.

Ajudua was initially charged before Justice Josephine Oyefeso of the Lagos High Court, but the case was later re-filed by the Economic and Financial Crimes Commission (EFCC) and reassigned to Justice Dada.

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

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

Following the ruling, Ajudua’s counsel, Olalekan Ojo, SAN, approached the Court of Appeal in Lagos, where Justice Mohammed Garba overturned Justice Dada’s decision, holding that bail was a constitutional right.

The court also allowed Ajudua to remain free under his previous bail conditions.