May 10, (THEWILL) – Socialite and businessman, Fred Ajudua, has lost the bail granted him in 2018 by the Court of Appeal in Lagos, following his arraignment by the Economic and Financial Crimes Commission (EFCC) over alleged fraud to the tune of $1.6m.
Justice Garba granted bail to Ajudua on December 10, 2018, a decision challenged by the anti-graft agency at the apex court.
Ruling on the appeal on Friday, the apex court held that the Appeal Court erred by granting bail to Ajudua.
While it ordered Ajudua’s return to correctional custody, the court directed Justice Mojisola Dada of the Lagos State High Court to resume hearing of the fraud trial.
THEWILL reports that the EFCC had alleged that Ajudua, alongside one Joseph Ochunor (at large), allegedly conspired in 1993 to obtain $1.6m by false pretences from Ziad Abu Zalaf of Technical International Ltd., a division of Mystic Company Ltd., a German-based company.
The EFCC alleged that the defendants deceived the victims by claiming that the money was for sundry payments to various government officials. It further alleged that the defendants claimed that the payments would help them to facilitate a contract worth $18 million on behalf of the complainants.
The matter had suffered a series of adjournments owing to the failure of the EFCC to produce some key foreign witnesses in the matter until 2018, when Ajudua was granted bail by the Lagos Division of the Appeal Court.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
