The Economic and Financial Crimes Commission, EFCC, has arraigned the Managing Director of Sunsteel, Olalekan Adewoye, on Thursday over alleged $680,622.65 fraud in Lagos.
Adewoye was arraigned by the EFCC Lagos Zonal Directorate 2 before Justice Mojisola Dada of the Lagos State High Court, sitting in Ikeja, Lagos.
This was disclosed in a statement released by the agency on X on Friday, stating that the MD was arraigned alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge, bordering on alleged stealing and obtaining property by false pretence to the tune of $680,622.65.
In the statement, one of the charges reads, “That you, Olalekan Adewoye, Sunlek Investments Limited and Sunsteel Industries Limited, sometime between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court, with a dishonest intent, stole and converted, for your own use, the aggregate sum of $680,622.65 (Six Hundred and Eighty Thousand, Six Hundred and Twenty- two Dollars Sixty-five Cents), property of Hexagon Im-und Export GmbH & Co KG, a German Company, being the value of construction materials supplied to you, and you thereby committed an offence, to wit, obtaining property by false pretence, contrary to and punishable under Section 1(1), (2) and (3) of the Advance Fee Fraud and other Fraud Related Offences Act No. 14 of 2006.”
The defendant pleaded not guilty to the charges. The prosecution counsel, Abdulhamid L. Tukur, requested a trial date and asked for the defendant to be remanded in custody.
The defence counsel, Olusegun O. Jolaawo SAN, informed the court of a pending bail application, stating that the defendant had never jumped the administrative bail granted by the EFCC.
The judge, Dada ordered that the defendant should continue to enjoy the adminstrative bail earlier granted by the EFCC, but the defendant must deposit his passport and documents for two landed properties with the court registry.
The case was adjourned to June 3 and 19, 2025, for the commencement of the trial.
