Category: News

The Supreme Court of Nigeria has revoked the bail previously granted to Lagos socialite Fred Ajudua, who is currently facing trial over allegations of defrauding a German-based Palestinian businessman of $1.43 million in 1993. In a unanimous judgment delivered on Friday by a five-member panel of the apex court, led by Justice Chioma Nwosu-Iheme, the court ruled that Ajudua must be remanded in prison custody, and his trial must resume without delay. The ruling was in response to an appeal filed by the Economic and Financial Crimes Commission (EFCC), marked SC/CR/51/2019, challenging the December 10, 2018 decision of the Lagos Division of the Court of Appeal, which had granted Ajudua bail. Supreme Court’s Rationale Justice Nwosu-Iheme held that the Court of Appeal lacked jurisdiction to grant Ajudua bail after it had already declared his brief of argument as incompetent and struck it out. The Court concluded that the appellate court had become functus officio—having exhausted its legal authority on the matter—and could not proceed to rule on the bail application. “At that point, the appellant’s (Ajudua’s) appeal was extinguished. The lower court had no jurisdiction to proceed further,” the court ruled. The apex court reinstated the July 5, 2018 decision by Justice Mojisola Dada of the Lagos High Court, who had earlier denied Ajudua’s bail application, and ordered that the trial resume before the same judge for speedy determination. Background of the Case The EFCC alleges that Ajudua, alongside an accomplice Joseph Ochunor (still at large), defrauded Ziad Abu Zalaf, a Palestinian businessman, through forged CBN and NNPC receipts, under the guise of executing oil-related contracts. The scam, according to prosecutors, occurred in 1993 and involved multiple payments by Zalaf, including: The total amount allegedly swindled reached $1.43 million. Bail History and Legal Maneuvers Ajudua, who pleaded for bail on health grounds, was initially denied by the trial court. However, in a controversial decision, the Court of Appeal later overturned that ruling, granting him bail and describing it as a constitutional right. Following this, the EFCC escalated the matter to the Supreme Court, which has now overruled the appellate decision, emphasizing due process and judicial consistency. Next Steps The Supreme Court has directed the Chief Judge of Lagos State to reassign the case to Justice Mojisola Dada for immediate continuation of trial. Ajudua is to remain in prison custody during this process. Would you like a summary version of this ruling tailored for press or social media?

Contrary to widespread reports that Nigeria has been removed from the International Monetary Fund’s (IMF) debtors list following the repayment of its $3.4 billion COVID-19 emergency loan, new findings have revealed that the country still owes significant interest payments on the loan. While the IMF confirmed that Nigeria had settled the principal loan amount in April 2025, leading to its removal from the official debtors list published in May, the Foundation for Investigative Journalism (FIJ) has reported that Nigeria continues to owe Special Drawing Rights (SDR) 125.99 million — the equivalent of millions of dollars — in interest charges that will be paid in installments through 2029. These charges include: The confusion began after a senior presidential aide, Otega Ogra, celebrated Nigeria’s removal from the IMF’s debtors list on social media, sparking praise for the Tinubu administration. However, experts noted that the IMF’s debtors list only reflects unpaid principal, not interest obligations — which are tracked separately. The interest rate on the loan includes a basic charge tied to the SDR rate (about 3.0%) plus a 0.6% fixed margin, bringing Nigeria’s effective interest rate to approximately 3.6% annually. The charges are spread across quarterly installments and were agreed upon when the loan was first obtained. The IMF had disbursed the loan in 2020 to support Nigeria’s economy during the COVID-19 pandemic, under its Rapid Financing Instrument (RFI). Though the principal has been repaid, financial analysts caution that the continuing interest burden should not be overlooked, especially amid Nigeria’s broader debt servicing challenges. Would you like a breakdown of the interest payment timeline or how it affects Nigeria’s future fiscal planning?

Governor Babajide Sanwo-Olu of Lagos State on [insert date] paid a visit to Charterhouse Lagos, a British independent school located in Lekki Phase I, expressing strong support for the institution’s world-class educational offerings. Speaking during the visit, the governor praised the school’s cutting-edge learning spaces, nurturing environment, and its mission to groom future global leaders. “As an administration, we are deeply passionate about quality education,” Governor Sanwo-Olu said. “Charterhouse offers world-class learning spaces, a nurturing environment, and a clear vision to raise future global leaders.” He emphasized that the school’s presence reinforces Lagos’ position as a hub not just for business excellence, but for educational innovation and global partnerships. “Lagos is proud to be home to this institution. It’s a strong signal that our city continues to lead in attracting global excellence, not just in business, but in education too,” the governor added. The visit is part of the administration’s broader effort to support both public and private sector investments in the education sector. Sanwo-Olu reaffirmed his government’s commitment to making Lagos a place where “every child can dream big and thrive.” Would you like this formatted for a press release or social media post?