EFCC Arraigns Managing Director Over $680,000 Fraud in Lagos.
The Economic and Financial Crimes Commission (EFCC) has arraigned Olalekan Adewoye, the Managing Director of Sunsteel, on Thursday regarding an alleged fraud totaling $680,622.65 in Lagos.
Adewoye was presented before Justice Mojisola Dada of the Lagos State High Court, sitting in Ikeja, by the EFCC Lagos Zonal Directorate 2.
According to a statement released by the agency on X on Friday, Adewoye was arraigned alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, facing a two-count charge related to alleged theft and obtaining property by false pretenses in the amount of $680,622.65.
One of the charges states: “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 dishonest intent, stole and converted for your own use the total sum of $680,622.65 (Six Hundred Eighty Thousand, Six Hundred Twenty-Two Dollars and Sixty-Five Cents), the property of Hexagon Im-und Export GmbH & Co KG, a German company, representing the value of construction materials supplied to you. Thus, you committed an offense of obtaining property by false pretenses, contrary to and punishable under Section 1(1), (2), and (3) of the Advance Fee Fraud and Other Fraud Related Offenses 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 defense counsel, Olusegun O. Jolaawo SAN, informed the court of a pending bail application, emphasizing that the defendant had never violated the administrative bail previously granted by the EFCC.
Judge Dada ordered that the defendant should continue to enjoy the administrative bail earlier granted by the EFCC, contingent upon his depositing his passport and documents for two landed properties with the court registry.
The case has been adjourned to June 3 and 19, 2025, for the commencement of the trial.
