EFCC Arraigns Sunsteel Managing Director, Adewoye For Alleged $680,622.65 Fraud In Lagos

EFCC has arraigned Sunsteel Managing Director, Adewoye for alleged $680,622.65 fraud in Lagos state.

 

NewsOnline Nigeria reports that the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC, Okotie-Eboh, Ikoyi, Lagos, on Thursday, May, 8, 2025, arraigned Olalekan Adewoye, Managing Director and Chief Executive Officer, CEO, of Sunsteel Industries Limited, before Justice Mojisola Dada of the Lagos State High Court, sitting in Ikeja, Lagos for alleged fraud.

Adewoye was arraigned alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge, bordering on stealing and obtaining property by false pretence to the tune of $680,622.65 (Six Hundred and Eighty Thousand, Six Hundred and Twenty- two Dollars Sixty-five Cents).

 

ALSO: Moment Bianca Ojukwu Held Umahi’s Hand From Touching Her Waist (VIDEO)

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.”

He pleaded “not guilty” to the charges when they were read to him, following which the prosecution counsel, Abdulhamid L. Tukur, applied for a trial date and asked that the defendant be remanded in a correctional centre, while defence counsel, Olusegun O. Jolaawo SAN, informed the court of a pending bail application and further prayed the court to admit the defendant to bail, stating that “has never jumped the administrative bail granted him 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.