An Abuja-based businessman, Stephen Akpa, has been rearrested by the Economic and Financial Crimes Commission, EFCC, on Monday.

The man was nabbed for alleged N500m fraud.

The commission disclosed this in a statement by its Media and Publicity arm which was posted on its website.

According to the commission, Akpa was initially arrested on December 2, 2022, at his office located in the Idu area of Abuja following a petition accusing him of obtaining N500m under false pretences.

It added that the suspect jumped the administrative bail granted him ahead of his planned arraignment on five counts.

The commission said the suspect had since then been on the run as all efforts to arrest him proved abortive.

The statement read, “Akpa was first arrested by the commission on December 2, 2022, at his office in the Idu axis of Abuja, following a petition alleging that he obtained the sum of N 500, 000, 000 under false pretence.

“He was to be arraigned on a five-count charge when he jumped the administrative bail offered by the commission.

“All efforts to apprehend proved futile until August 9, 2023, when he was re-arrested.

“He will soon be arraigned in court.”